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Interest Rates Fall, Mortgage Applications Still Decline
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You're Now Reading:
Interest Rates Fall, Mortgage Applications Still Decline
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Interest Rates Fall, Mortgage Applications Still Decline
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Home Buying Tips
Home Selling Tips
About Mortgages
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Mortgage Rates

August 30, 2012 (Chris Moore)

Applications for mortgages fell for the fourth consecutive week as a decline in refinance applications far outweighed the modest increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 24th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, declined for the fourth consecutive week falling a seasonally adjusted 4.3 percent from the previous week and follows a 7.4 percent decline the week before.

On an unadjusted basis, the Index fell by five percent from the previous week and follows a eight percent decline two weeks ago.

Purchase Applications:

The seasonally adjusted Purchase Index increased by just over one percent from the previous week after increasing by just under one percent the week before, while the unadjusted Purchase Index declined by one percent.

Refinance Applications:

The Refinance Index fell another six percent from the previous week after declining by nine percent the week before. The refinance share of mortgage activity fell to 79 percent of total applications from 80 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous
30-Year FRM Conforming
($417,500 or less)

3.80

3.86

0.42

0.42

Decreased
30-Year FRM Non-Conforming
($417,501 or more)

4.06

4.11

0.34

0.42

Decreased
15-Year FRM

3.12

3.15

0.44

0.44

Decreased
FHA 30-Year

3.60

3.62

0.48

0.50

Decreased
5/1 ARM

2.68*

2.74

0.36

0.38

Decreased

*Survey Record Low

The adjustable-rate mortgage (ARM) share of activity remained at just over four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

August 30, 2012 (Chris Moore)

Applications for mortgages fell for the fourth consecutive week as a decline in refinance applications far outweighed the modest increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 24th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, declined for the fourth consecutive week falling a seasonally adjusted 4.3 percent from the previous week and follows a 7.4 percent decline the week before.

On an unadjusted basis, the Index fell by five percent from the previous week and follows a eight percent decline two weeks ago.

Purchase Applications:

The seasonally adjusted Purchase Index increased by just over one percent from the previous week after increasing by just under one percent the week before, while the unadjusted Purchase Index declined by one percent.

Refinance Applications:

The Refinance Index fell another six percent from the previous week after declining by nine percent the week before. The refinance share of mortgage activity fell to 79 percent of total applications from 80 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous
30-Year FRM Conforming
($417,500 or less)

3.80

3.86

0.42

0.42

Decreased
30-Year FRM Non-Conforming
($417,501 or more)

4.06

4.11

0.34

0.42

Decreased
15-Year FRM

3.12

3.15

0.44

0.44

Decreased
FHA 30-Year

3.60

3.62

0.48

0.50

Decreased
5/1 ARM

2.68*

2.74

0.36

0.38

Decreased

*Survey Record Low

The adjustable-rate mortgage (ARM) share of activity remained at just over four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 30, 2012 (Chris Moore)

Applications for mortgages fell for the fourth consecutive week as a decline in refinance applications far outweighed the modest increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 24th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, declined for the fourth consecutive week falling a seasonally adjusted 4.3 percent from the previous week and follows a 7.4 percent decline the week before.

On an unadjusted basis, the Index fell by five percent from the previous week and follows a eight percent decline two weeks ago.

Purchase Applications:

The seasonally adjusted Purchase Index increased by just over one percent from the previous week after increasing by just under one percent the week before, while the unadjusted Purchase Index declined by one percent.

Refinance Applications:

The Refinance Index fell another six percent from the previous week after declining by nine percent the week before. The refinance share of mortgage activity fell to 79 percent of total applications from 80 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous
30-Year FRM Conforming
($417,500 or less)

3.80

3.86

0.42

0.42

Decreased
30-Year FRM Non-Conforming
($417,501 or more)

4.06

4.11

0.34

0.42

Decreased
15-Year FRM

3.12

3.15

0.44

0.44

Decreased
FHA 30-Year

3.60

3.62

0.48

0.50

Decreased
5/1 ARM

2.68*

2.74

0.36

0.38

Decreased

*Survey Record Low

The adjustable-rate mortgage (ARM) share of activity remained at just over four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.