Mortgage Refinance Applications Jump in Response to New Low Rates

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Mortgage Refinance Applications Jump in Response to New Low Rates

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Mortgage Refinance Applications Jump in Response to New Low Rates

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July 19, 2012 (Chris Moore)

Mortgage applications increased last week as another round of new record low rates finally spurred a jump in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 13th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 16.9 percent from the previous week and follows a 2.1 percent decline last week.

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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

Sources:
Mortgage Bankers Association

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July 19, 2012 (Chris Moore)

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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

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.

July 19, 2012 (Chris Moore)

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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

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.