Applications for home mortgages were lower last week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 24th, 2014.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 0.2 percent last week after increasing by 4.7 percent the previous week.
On an unadjusted basis, mortgage loan application volume declined by nine percent from the previous week.
Purchase Applications:
The seasonally adjusted Purchase Index increased by two percent after posting a four percent decline the week before. The unadjusted Purchase Index was three percent lower than the previous week and was 12 percent lower than at the same time a year ago.
Applications to purchase homes have been at or lower than the previous year’s levels for the past seventeen weeks.
Refinance Applications:
The Refinance Index fell by two percent from the previous week after posting a ten percent increase the week before. The refinance share of mortgage activity fell from 64 percent of total applications the previous week to 62 percent last 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) |
4.52 |
4.57 |
0.40 |
0.36 |
Decreased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.47 |
4.57 |
0.27 |
0.18 |
Decreased |
| 15-Year FRM |
3.59 |
3.68 |
0.26 |
0.29 |
Decreased |
| FHA 30-Year |
4.18 |
4.24 |
0.33 |
0.23 |
Decreased |
| 5/1 ARM |
3.25 |
3.23 |
0.33 |
0.37 |
Decreased |
The adjustable-rate mortgage (ARM) share of activity remained at about seven 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
