August 2, 2012 (Chris Moore)
Mortgage applications were slightly higher last week as refinance activity remained at elevated levels after jumping 17 percent three weeks ago while purchase applications continued to fall according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 27th, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 0.2 percent from the previous week and follows a 0.9 percent gain last week.
On an unadjusted basis, the Index also increased by 0.2 percent from the previous week.
Purchase Applications:
The seasonally adjusted Purchase Index fell almost two percent from the previous week, after declining three percent the week before, with the unadjusted Purchase Index suffering the same fate, declining from the previous week.
Refinance Applications:
The Refinance Index increased 0.8 percent from the previous week. The refinance share of mortgage activity remained at around 81 percent of total applications.
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) |
3.75 |
3.74* |
0.51 |
0.43 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.01 |
3.99 |
0.32 |
0.28 |
Increased |
| 15-Year FRM |
3.09 |
3.07* |
0.49 |
0.45 |
Increased |
| FHA 30-Year |
3.52* |
3.52* |
0.55 |
0.52 |
Increased |
| 5/1 ARM |
2.73 |
2.68* |
0.41 |
0.35 |
Increased |
*Record Survey Low
The adjustable-rate mortgage (ARM) share of activity fell to 4.1 percent of total applications.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
Mortgage Bankers Association
