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Mortgage Applications Still Fall Despite Rate Drop
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You're Now Reading:
Mortgage Applications Still Fall Despite Rate Drop
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 Still Fall Despite Rate Drop
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Mortgage interest rates fell for a second consecutive week but it still wasn’t enough to perk up mortgage activity as applications still suffered a modest decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 19th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 1.2 percent last week and follows a 2.6 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume decreased by one percent after Increasing by 22 percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index declined by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was two percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was one percent lower than the previous week after declining by four percent the week before. Refinance activity remains at a two-year low. The refinance share of mortgage activity remained at 63 percent of total applications.

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)

4.58

4.68

0.40

0.42

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

4.66

4.81

0.41

0.40

Decreased
15-Year FRM

3.63

3.70

0.35

0.38

Decreased
FHA 30-Year

4.28

4.38

0.33

0.22

Decreased
5/1 ARM

3.30

3.39

0.34

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

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
Mortgage
Calculator
Mortgage
Rates

Mortgage interest rates fell for a second consecutive week but it still wasn’t enough to perk up mortgage activity as applications still suffered a modest decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 19th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 1.2 percent last week and follows a 2.6 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume decreased by one percent after Increasing by 22 percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index declined by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was two percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was one percent lower than the previous week after declining by four percent the week before. Refinance activity remains at a two-year low. The refinance share of mortgage activity remained at 63 percent of total applications.

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)

4.58

4.68

0.40

0.42

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

4.66

4.81

0.41

0.40

Decreased
15-Year FRM

3.63

3.70

0.35

0.38

Decreased
FHA 30-Year

4.28

4.38

0.33

0.22

Decreased
5/1 ARM

3.30

3.39

0.34

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

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.

Mortgage interest rates fell for a second consecutive week but it still wasn’t enough to perk up mortgage activity as applications still suffered a modest decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 19th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 1.2 percent last week and follows a 2.6 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume decreased by one percent after Increasing by 22 percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index declined by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was two percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was one percent lower than the previous week after declining by four percent the week before. Refinance activity remains at a two-year low. The refinance share of mortgage activity remained at 63 percent of total applications.

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)

4.58

4.68

0.40

0.42

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

4.66

4.81

0.41

0.40

Decreased
15-Year FRM

3.63

3.70

0.35

0.38

Decreased
FHA 30-Year

4.28

4.38

0.33

0.22

Decreased
5/1 ARM

3.30

3.39

0.34

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

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.