Applications for home purchases fell last week despite near record low mortgage rates according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 26th, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 1.8 percent last week and follows a modest 0.2 percent increase from the previous week.
On an unadjusted basis, mortgage loan application volume increased by two percent after increasing by one percent the week before.
Purchase Applications:
The seasonally adjusted Purchase Index fell by three percent from last week after posting a 0.3 percent gain the week before. The unadjusted Purchase Index was 0.5 percent lower than the previous week but was still 13 percent higher than during the same period last year.
Refinance Applications:
The Refinance Index was three percent higher than last week after rising by 0.3 percent the week before. For the third consecutive week, the refinance share of mortgage activity remained unchanged from the previous week at 75 percent of total applications.
Mortgage Interest Rates:
|
Average Contract Mortgages Rates |
|||||
|
Type of |
Interest Rate (%) |
Points |
Effective Rate |
||
|
Current |
Previous |
Current |
Previous |
||
| 30-Year FRM Conforming ($417,500 or less) |
3.60 |
3.65 |
0.30 |
0.41 |
Decreased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
3.80 |
3.75 |
0.29 |
0.37 |
Increased |
| 15-Year FRM |
2.84 |
2.89 |
0.26 |
0.40 |
Decreased |
| FHA 30-Year |
3.34 |
3.37 |
0.37 |
0.64 |
Decreased |
| 5/1 ARM |
2.55 |
2.62 |
0.22 |
0.21 |
Decreased |
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, FHA mortgage rates
Source:
Mortgage Bankers Association
Reported by Chris Moore
