Mortgage Bankers Association (MBA) said that mortgage applications decreased
again during the week ended March 28, The seasonally adjusted Market Composite
Index, a measure of application volume, was down 1.2 percent from the week
ended March 21. On an unadjusted basis
the composite lost 1 percent from its level a week earlier.
Purchase Index inched up 1 percent on both a seasonally adjusted and unadjusted
basis it could not compensate for the loss of 3 percent in the Refinancing
Index from one week earlier. The
unadjusted Purchase Index was 17 percent lower than during the same week in
Purchase Index vs 30 Yr Fixed
Refinance Index vs 30 Yr Fixed
for refinancing made up 53 percent of all mortgage applications, down from 54
percent a week earlier. This was the eighth
straight week the share of refinancing applications has fallen.
rates, while still trending up did so modestly during the week. Where increases occurred they were small and
many rates remained unchanged. The
average contract rate for 30-year fixed-rate mortgages (FRM) with conventional
loan balances of $417,000 or less was unchanged at 4.56 percent with points
increasing to 0.31 from 0.29. The effective
rate increased from the previous week.
version of the 30-year FRM (balances above $417,000) increased 1 basis point to
4.46 percent. Points were unchanged at
0.27 and the effective rate increased.
average contract rate for 30-year FRM backed by the FHA increased to 4.21 percent
from 4.16 percent. Points dropped to
0.15 from 0.23 and the effective rate decreased.
FRM had an average contract rate of 3.62 percent, unchanged from the previous
week. Points decreased from 0.24 to 0.23
and the effective rate was unchanged.
rate mortgages retained an 8 percent share of mortgage applications for the
ninth straight week. The average
contract interest rate for the most popular of the adjustable rate mortgages,
the 5/1 hybrid, increased to 3.25 percent from 3.22 percent and points increased
from 0.32 to 0.38. The effective rate
increased from the previous week.
Weekly Mortgage Applications Survey has been conducted since 1990 and covers
over 75 percent of the U.S. retail residential mortgage applications. Survey
respondents include mortgage bankers, commercial banks and thrifts. Interest rates are quoted for loans with 80
percent loan to value ratios and points include the origination fee. Base period and value for all indexes is March 16, 1990=100.