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Strong Refinance Activity Pushes Up Mortgage Applications
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You're Now Reading:
Strong Refinance Activity Pushes Up Mortgage Applications
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.
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Strong Refinance Activity Pushes Up Mortgage Applications
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July 21, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 15, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 15.5 percent in response to a 23 percent surge in refinance activity following four straight weeks of declines.

On an unadjusted basis, the Index increased 43.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.3 percent.

The seasonally adjusted Purchase Index decreased 0.1 percent from one week earlier. The four week moving average is down 0.3 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 25.1 percent compared with the previous week, and is 8.3 percent higher than the same week one year ago.

The Refinance Index increased 23.1 percent from the previous week. The four week moving average is up 0.5 percent.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 65.6 percent last week, the highest level seen in the last six months.

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent from 5.5 percent the previous week.

“Ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe has brought mortgage rates back to their lowest levels of the year,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance applications have surged in response and the refinance index is at its second highest level of the year. One factor that may be contributing to this increase is that borrowers potentially impacted by impending decreases in the conforming loan limit may be opting to lock in fixed-rate financing now.”

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.54 percent from 4.55 percent last week, with points decreasing to 0.98 from 0.99 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.66 percent from 3.68 percent last week, with points decreasing to 0.97 from 1.10 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

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
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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
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
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Calculator
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Rates

July 21, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 15, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 15.5 percent in response to a 23 percent surge in refinance activity following four straight weeks of declines.

On an unadjusted basis, the Index increased 43.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.3 percent.

The seasonally adjusted Purchase Index decreased 0.1 percent from one week earlier. The four week moving average is down 0.3 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 25.1 percent compared with the previous week, and is 8.3 percent higher than the same week one year ago.

The Refinance Index increased 23.1 percent from the previous week. The four week moving average is up 0.5 percent.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 65.6 percent last week, the highest level seen in the last six months.

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent from 5.5 percent the previous week.

“Ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe has brought mortgage rates back to their lowest levels of the year,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance applications have surged in response and the refinance index is at its second highest level of the year. One factor that may be contributing to this increase is that borrowers potentially impacted by impending decreases in the conforming loan limit may be opting to lock in fixed-rate financing now.”

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.54 percent from 4.55 percent last week, with points decreasing to 0.98 from 0.99 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.66 percent from 3.68 percent last week, with points decreasing to 0.97 from 1.10 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

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.

July 21, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 15, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 15.5 percent in response to a 23 percent surge in refinance activity following four straight weeks of declines.

On an unadjusted basis, the Index increased 43.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.3 percent.

The seasonally adjusted Purchase Index decreased 0.1 percent from one week earlier. The four week moving average is down 0.3 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 25.1 percent compared with the previous week, and is 8.3 percent higher than the same week one year ago.

The Refinance Index increased 23.1 percent from the previous week. The four week moving average is up 0.5 percent.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 65.6 percent last week, the highest level seen in the last six months.

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent from 5.5 percent the previous week.

“Ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe has brought mortgage rates back to their lowest levels of the year,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance applications have surged in response and the refinance index is at its second highest level of the year. One factor that may be contributing to this increase is that borrowers potentially impacted by impending decreases in the conforming loan limit may be opting to lock in fixed-rate financing now.”

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.54 percent from 4.55 percent last week, with points decreasing to 0.98 from 0.99 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.66 percent from 3.68 percent last week, with points decreasing to 0.97 from 1.10 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

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.