Lower Rates Result in Refinance Uptick
Lower Rates Result in Refinance Uptick
Lower Rates Result in Refinance Uptick
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Applications for home mortgages increased slightly last week as interest rates dipped lower resulting in an uptick in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 30th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased 1.3 percent last week and follows a 2.5 percent decline from the week before.

On an unadjusted basis, mortgage loan application volume increased 0.3 percent from the previous week after falling by three percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell by 0.4 percent after posting a two percent increase the week before. The unadjusted Purchase Index was three percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index increased by two percent from the previous week after falling five percent the week before. The refinance share of mortgage activity moved to 61 percent of total applications from 60 percent the week before.

Mortgage Interest Rates:
 

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.73

4.80

0.33

0.41

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.71

4.78

0.25

0.34

Decreased

15-Year FRM

3.75

3.84

0.35

0.32

Decreased

FHA 30-Year

4.48

4.52

0.30

0.32

Decreased
5/1 ARM

3.49

3.50

0.37

0.37

Decreased

 
The adjustable-rate mortgage (ARM) share of activity remained at around seven percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

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Estimate your monthly mortgage payment
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Calculator

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Learn About
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Loan Comparison

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Applications for home mortgages increased slightly last week as interest rates dipped lower resulting in an uptick in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 30th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased 1.3 percent last week and follows a 2.5 percent decline from the week before.

On an unadjusted basis, mortgage loan application volume increased 0.3 percent from the previous week after falling by three percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell by 0.4 percent after posting a two percent increase the week before. The unadjusted Purchase Index was three percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index increased by two percent from the previous week after falling five percent the week before. The refinance share of mortgage activity moved to 61 percent of total applications from 60 percent the week before.

Mortgage Interest Rates:
 

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.73

4.80

0.33

0.41

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.71

4.78

0.25

0.34

Decreased

15-Year FRM

3.75

3.84

0.35

0.32

Decreased

FHA 30-Year

4.48

4.52

0.30

0.32

Decreased
5/1 ARM

3.49

3.50

0.37

0.37

Decreased

 
The adjustable-rate mortgage (ARM) share of activity remained at around seven percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
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Applications for home mortgages increased slightly last week as interest rates dipped lower resulting in an uptick in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 30th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased 1.3 percent last week and follows a 2.5 percent decline from the week before.

On an unadjusted basis, mortgage loan application volume increased 0.3 percent from the previous week after falling by three percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell by 0.4 percent after posting a two percent increase the week before. The unadjusted Purchase Index was three percent lower than the previous week but was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index increased by two percent from the previous week after falling five percent the week before. The refinance share of mortgage activity moved to 61 percent of total applications from 60 percent the week before.

Mortgage Interest Rates:
 

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.73

4.80

0.33

0.41

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.71

4.78

0.25

0.34

Decreased

15-Year FRM

3.75

3.84

0.35

0.32

Decreased

FHA 30-Year

4.48

4.52

0.30

0.32

Decreased
5/1 ARM

3.49

3.50

0.37

0.37

Decreased

 
The adjustable-rate mortgage (ARM) share of activity remained at around seven percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.