June 6, 2012 (Chris Moore)
Mortgage applications increased slightly last week, making up for the previous week’s decline, while mortgage rates fell to or remained at record lows in four of the five categories according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 1st, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 1.3 percent from the previous week.
On an unadjusted basis, the Index decreased over nine percent from the previous week because of the Memorial Day holiday.
Purchase Applications:
The seasonally adjusted Purchase Index suffered a slight decrease from the previous week.
The unadjusted Purchase Index decreased 13 percent compared with the previous week, also due to the Memorial Day holiday, and was three percent lower than the same week a year ago.
Refinance Applications:
The Refinance Index decreased two percent from the previous week. The refinance share of mortgage activity increased to 78 percent of total applications from 77 percent the previous week.
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) |
3.87* |
3.91 |
0.46 |
0.46 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.13* |
4.23 |
0.35 |
0.40 |
Decreased |
| 15-Year FRM |
3.20* |
3.23 |
0.46 |
0.39 |
Decreased |
| FHA 30-Year |
3.70* |
3.70* |
0.60 |
0.59 |
Increased |
| 5/1 ARM |
2.78 |
2.77* |
0.40 |
0.38 |
Increased |
*Record Survey Low
The adjustable-rate mortgage (ARM) share of activity remained at about the same level as the previous week.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
Mortgage Bankers Association
