July 6, 2012 (Chris Moore)
Another round of record low mortgage rates couldn’t help boost mortgage applications as volume fell due to a drop in applications for mortgage refinances while purchase applications edged up slightly according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 29th, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 6.7 percent from the previous week.
On an unadjusted basis, the Index decreased by almost the same amount, 6.6 percent, from the previous week.
Purchase Applications:
The seasonally adjusted Purchase Index increased less than one percent from the previous week, after falling about one percent the week before.
The unadjusted Purchase Index was virtually unchanged from the previous week after falling two percent the week before and was almost seven percent lower than the same week a year ago.
Refinance Applications:
The Refinance Index decreased almost eight percent from the previous week. The refinance share of mortgage activity fell to 78 percent of total applications from 79 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) |
3.86* |
3.88 |
0.41 |
0.40 |
Decreased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.08 |
4.12 |
0.38 |
0.35 |
Decreased |
| 15-Year FRM |
3.20* |
3.24 |
0.47 |
0.44 |
Decreased |
| FHA 30-Year |
3.69* |
3.71 |
0.50 |
0.46 |
Decreased |
| 5/1 ARM |
2.76 |
2.81 |
0.45 |
0.41 |
Decreased |
*Record Survey Low
The adjustable-rate mortgage (ARM) share of activity remained at about 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
