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Mortgage Applications Plunge as Interest Rates Rise
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Mortgage Applications Plunge as Interest Rates Rise
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
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Receive Multiple Offers. Save Money.
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Mortgage Applications Plunge as Interest Rates Rise
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October 19, 2011 (Chris Moore)

Mortgage applications for home purchases dropped to their lowest level in 15 years while rising interest rates dramatically slowed refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 14.9 percent from the previous week.

On an unadjusted basis, the Index decreased 14.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.36 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.8 percent from the previous week and is at its lowest level since December 1996. The four week moving average is down 1.53 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 8.6 percent compared with the previous week and was 5.1 percent lower than the same week a year ago.

Purchase activity declined for both conventional and government loans with the Conventional Purchase Index declining 11.0 percent and the Government Purchase Index declining 5.9 percent from the previous week.

Refinance Activity:

The Refinance Index decreased 16.6 percent from the previous week while the four week moving average for the Index is down 2.58 percent.

The refinance share of mortgage activity declined to 77.6 percent of total applications from 79.1 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)

4.33

4.25

0.48

0.47

Increased

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

4.64

4.59

0.45

0.49

Increased

15-Year FRM

3.61

3.53

0.43

0.45

Increased

FHA 30-Year

4.12

4.06

0.53

0.58

Increased

5/1 ARM

3.08

3.03

0.48

0.54

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.8 percent of total applications from 6.0 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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

Sources:
Mortgage Bankers Association

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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.
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Tips
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Tips
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Mortgages
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Calculator
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Rates

October 19, 2011 (Chris Moore)

Mortgage applications for home purchases dropped to their lowest level in 15 years while rising interest rates dramatically slowed refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 14.9 percent from the previous week.

On an unadjusted basis, the Index decreased 14.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.36 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.8 percent from the previous week and is at its lowest level since December 1996. The four week moving average is down 1.53 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 8.6 percent compared with the previous week and was 5.1 percent lower than the same week a year ago.

Purchase activity declined for both conventional and government loans with the Conventional Purchase Index declining 11.0 percent and the Government Purchase Index declining 5.9 percent from the previous week.

Refinance Activity:

The Refinance Index decreased 16.6 percent from the previous week while the four week moving average for the Index is down 2.58 percent.

The refinance share of mortgage activity declined to 77.6 percent of total applications from 79.1 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)

4.33

4.25

0.48

0.47

Increased

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

4.64

4.59

0.45

0.49

Increased

15-Year FRM

3.61

3.53

0.43

0.45

Increased

FHA 30-Year

4.12

4.06

0.53

0.58

Increased

5/1 ARM

3.08

3.03

0.48

0.54

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.8 percent of total applications from 6.0 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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.

October 19, 2011 (Chris Moore)

Mortgage applications for home purchases dropped to their lowest level in 15 years while rising interest rates dramatically slowed refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 14.9 percent from the previous week.

On an unadjusted basis, the Index decreased 14.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.36 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.8 percent from the previous week and is at its lowest level since December 1996. The four week moving average is down 1.53 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 8.6 percent compared with the previous week and was 5.1 percent lower than the same week a year ago.

Purchase activity declined for both conventional and government loans with the Conventional Purchase Index declining 11.0 percent and the Government Purchase Index declining 5.9 percent from the previous week.

Refinance Activity:

The Refinance Index decreased 16.6 percent from the previous week while the four week moving average for the Index is down 2.58 percent.

The refinance share of mortgage activity declined to 77.6 percent of total applications from 79.1 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)

4.33

4.25

0.48

0.47

Increased

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

4.64

4.59

0.45

0.49

Increased

15-Year FRM

3.61

3.53

0.43

0.45

Increased

FHA 30-Year

4.12

4.06

0.53

0.58

Increased

5/1 ARM

3.08

3.03

0.48

0.54

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.8 percent of total applications from 6.0 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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.