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Mortgage Applications Decline Again, FHA Refi’s Slow
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You're Now Reading:
Mortgage Applications Decline Again, FHA Refi’s Slow
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:
Mortgage Applications Decline Again, FHA Refi’s Slow
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Mortgage Rates
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Home Selling Tips
About Mortgages
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Mortgage Rates

June 28, 2012 (Chris Moore)

Mortgage applications fell again last week as the pace of FHA refinances slowed considerably from the previous week and a decrease in purchase applications also contributed to the decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 22nd, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

The unadjusted Purchase Index fell another two percent from the previous week after also suffering a nine percent decline the week before and was almost three percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior 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)

3.88

3.87*

0.40

0.49

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

4.12

4.06*

0.35

0.38

 Increased
15-Year FRM

3.24

3.25

0.44

0.45

Decreased
FHA 30-Year

3.71

3.72

0.46

0.47

Decreased
5/1 ARM

2.81

2.75*

0.41

0.33

Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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
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Calculator
Mortgage
Rates

June 28, 2012 (Chris Moore)

Mortgage applications fell again last week as the pace of FHA refinances slowed considerably from the previous week and a decrease in purchase applications also contributed to the decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 22nd, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

The unadjusted Purchase Index fell another two percent from the previous week after also suffering a nine percent decline the week before and was almost three percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior 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)

3.88

3.87*

0.40

0.49

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

4.12

4.06*

0.35

0.38

 Increased
15-Year FRM

3.24

3.25

0.44

0.45

Decreased
FHA 30-Year

3.71

3.72

0.46

0.47

Decreased
5/1 ARM

2.81

2.75*

0.41

0.33

Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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.

June 28, 2012 (Chris Moore)

Mortgage applications fell again last week as the pace of FHA refinances slowed considerably from the previous week and a decrease in purchase applications also contributed to the decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 22nd, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

The unadjusted Purchase Index fell another two percent from the previous week after also suffering a nine percent decline the week before and was almost three percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior 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)

3.88

3.87*

0.40

0.49

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

4.12

4.06*

0.35

0.38

 Increased
15-Year FRM

3.24

3.25

0.44

0.45

Decreased
FHA 30-Year

3.71

3.72

0.46

0.47

Decreased
5/1 ARM

2.81

2.75*

0.41

0.33

Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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.