Mortgage application volume dropped
again during the week ended February 15.
The Mortgage Bankers Association reported this morning that its Market
Composite Index, a measure of that volume, decreased 1.7 percent on a
seasonally adjusted basis and 1 percent unadjusted compared to the week ended
The Refinance Index was down 2 percent and
the refinancing share of application activity fell from 78 to 77 percent, the
lowest level since last May. The
seasonally adjusted Purchase Index decreased 2 percent from the previous week
but increased 3 percent on an unadjusted basis and was 17 percent higher than
during the same week in 2012.
Purchase Index vs 30 Yr Fixed
Refinance Index vs 30 Yr Fixed
average contract interest rate for a 30-year fixed-rate mortgage (FRM) with a
conforming balance of $417,500 or less increased for the ninth time in ten
weeks. The rate was 3.78 percent with
0.40 point compared to 3.75 percent with 0.43 point and the effective rate
increased. This was the highest rate since August.
The contract interest rate for 30-year fixed-rate mortgages
with jumbo loan balances (greater than $417,500) decreased to 3.94 percent with
0.40 point from 3.98 percent with 0.36 point. The effective rate decreased
from the previous week.
30-year FRM had an average rate of 3.54 percent with 0.40 point, the highest
rate since August, and the effective rate increased. The rate the previous week was 3.53 percent
with 0.39 point.
for 15-year FRM, 3.03 percent with 0.38 point was the highest since last
September. The rate the previous week
was 3.01 percent with 0.28 point and the effective rate increased week-over-week.
average contract interest rate for 5/1 adjustable rate mortgages (ARMs) remained unchanged at 2.66 percent, with
points increasing to 0.32 from 0.31 and the effective rate increased. The ARM share of activity increased to 4
percent of total applications.
quoted are for loans with 80 percent loan to value ratios. Points include the origination fee.
MBA's volume indices are derived from a weekly survey of
mortgage bankers, commercial banks and thrifts that it has conducted since
1990. Base period and value for all
indexes is March 16, 1990=100.