The Mortgage Bankers Association went missing yesterday, a day when they usually
release information on contract mortgage rates and mortgage
application activity. We caught up with them today and here is the report.
MBA reported that, during the week ended October 20, the average contract interest
rate for the 30 year fixed-rate mortgage was up 3 basis points to 6.36 percent
with points, including the origination fee, dropping from 1.15 to 1.04. Freddie
Mac had, as we reported yesterday, pegged the 30 year rate at 6.36 points for
MBA's survey had the 15-year
at 6.03 percent, up from 6.01 percent the previous week
with points down to 1.04 from 1.08. Freddie Mac reported the rate, based on
its survey, at 6.06 percent with 0.5 points. The average rate for one-year ARMS
increased three basis points to 5.97 percent with points increasing from 0.86
to 0.90. This was substantially higher than the 5.57 percent and 0.8 points
reported by Freddie Mac.
Applications were up 0.5 percent on both a seasonally adjusted
and unadjusted basis from the previous week and down 13 percent compared with
applications at the same time in 2005.
Refinancing as a share of overall mortgage activity increased from 45 percent
to 45.6 percent and adjustable-rate mortgages fell to 26.1 percent or total
applications from 26.5 percent during the week ended October 13.