July 26, 2012 (Chris Moore)
Mortgage applications were slightly higher as refinance applications increased modestly after last week’s big jump, but applications for home purchases continued to decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 20th, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 0.9 percent from the previous week and follows a 16.9 percent gain last week.
On an unadjusted basis, the Index also increased by 0.9 percent from the previous week.
Purchase Applications:
The seasonally adjusted Purchase Index fell 3 percent from the previous week, after declining 0.01 percent the week before, with the unadjusted Purchase Index faring no better, also declining from the previous week.
Refinance Applications:
The Refinance Index increased 2 percent from the previous week, reaching its highest level since April 2009. The refinance share of mortgage activity increased to 81 percent of total applications from 80.1 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) |
3.74* |
3.74* |
0.43 |
0.36 |
Decreased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
3.99 |
3.98* |
0.28 |
0.32 |
Decreased |
| 15-Year FRM |
3.07* |
3.12 |
0.45 |
0.48 |
Decreased |
| FHA 30-Year |
3.52* |
3.55 |
0.52 |
0.44 |
Decreased |
| 5/1 ARM |
2.68* |
2.71 |
0.35 |
0.51 |
Decreased |
*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
