Record Low Rates Prompt Refi Surge, Buyers Stay Home

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Record Low Rates Prompt Refi Surge, Buyers Stay Home

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:

Record Low Rates Prompt Refi Surge, Buyers Stay Home

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December 14, 2011 (Chris Moore)

Mortgage applications increased last week led by a surge in refinance activity as mortgage interest rates across the board hit record lows according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2011.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 4.1 percent from the previous week.

On an unadjusted basis, the Index increased 4.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.65 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.2 percent from the previous week. The four week moving average is up 1.55 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 11.8 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 9.3 percent from the previous week. The four week moving average for the Index is down 0.69 percent.

The refinance share of mortgage activity increased to 79.7 percent of total applications from 76.0 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)	4.12*	4.18	0.45	0.48	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.47*	4.52	0.45	0.47	Decreased
15-Year FRM	3.44*	3.53	0.52	0.45	Decreased
FHA 30-Year	3.94*	3.98	0.68	0.52	Increased
5/1 ARM	2.93*	3.01	0.53	0.54	Decreased

* Record low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.7 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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

Sources:
Mortgage Bankers Association

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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.

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MORTGAGELOANRATEUPDATE
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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
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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

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Tips

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Mortgages

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Calculator

Mortgage
Rates

December 14, 2011 (Chris Moore)

On an unadjusted basis, the Index increased 4.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.65 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.2 percent from the previous week. The four week moving average is up 1.55 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 11.8 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 9.3 percent from the previous week. The four week moving average for the Index is down 0.69 percent.

The refinance share of mortgage activity increased to 79.7 percent of total applications from 76.0 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)	4.12*	4.18	0.45	0.48	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.47*	4.52	0.45	0.47	Decreased
15-Year FRM	3.44*	3.53	0.52	0.45	Decreased
FHA 30-Year	3.94*	3.98	0.68	0.52	Increased
5/1 ARM	2.93*	3.01	0.53	0.54	Decreased

* Record low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.7 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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.

December 14, 2011 (Chris Moore)

On an unadjusted basis, the Index increased 4.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.65 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 8.2 percent from the previous week. The four week moving average is up 1.55 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 11.8 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 9.3 percent from the previous week. The four week moving average for the Index is down 0.69 percent.

The refinance share of mortgage activity increased to 79.7 percent of total applications from 76.0 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)	4.12*	4.18	0.45	0.48	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.47*	4.52	0.45	0.47	Decreased
15-Year FRM	3.44*	3.53	0.52	0.45	Decreased
FHA 30-Year	3.94*	3.98	0.68	0.52	Increased
5/1 ARM	2.93*	3.01	0.53	0.54	Decreased

* Record low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.7 percent the previous week.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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.