Mortgage Application Volume Falls, HARP 30 Percent of REfi’s
Mortgage Application Volume Falls, HARP 30 Percent of REfi’s
Mortgage Application Volume Falls, HARP 30 Percent of REfi’s
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March 14, 2012 (Chris Moore)

Mortgage loan application volume fell for the fifth consecutive week on a seasonally adjusted basis as a dwindling number of refinance loan applications continued to contribute to the overall decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.4 percent from the previous week.

On an unadjusted basis, the Index decreased 1.8 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.12 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 4.4 percent from the previous week. The four week moving average is up 2.92 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 6.0 percent compared with the previous week and was 0.4 percent lower than the same week a year ago.

Purchase applications for the entire month of February were 18.0 percent higher than in January but were still 2.0 percent lower than the same month last year.

Refinance Applications:

The Refinance Index decreased 4.1 percent from the previous week. The four week moving average for the Index is down 3.29 percent. This is the fifth consecutive week that the Refinance Index has declined.

The refinance share of mortgage activity decreased to 75.1 percent of total applications from 77.0 percent the previous week.

For the past two weeks, refinance applications under the government’s HARP program have made up roughly 30 percent of all refinance activity.

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)

4.06

4.06

0.43

0.50

Decreased

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

4.39

4.33

0.39

0.40

Increased

15-Year FRM

3.36

3.36

0.34

0.38

Decreased

FHA 30-Year

3.82**

3.87

0.55

0.70

Decreased

5/1 ARM

2.81

2.78*

0.37

0.35

Increased

*Survey record low     **2012 Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent of total applications from 5.4 percent the previous week.

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

Sources:
Mortgage Bankers Association

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Calculator

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Calculator

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Learn About
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Loan Comparison

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Todays Mortgage
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March 14, 2012 (Chris Moore)

Mortgage loan application volume fell for the fifth consecutive week on a seasonally adjusted basis as a dwindling number of refinance loan applications continued to contribute to the overall decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.4 percent from the previous week.

On an unadjusted basis, the Index decreased 1.8 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.12 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 4.4 percent from the previous week. The four week moving average is up 2.92 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 6.0 percent compared with the previous week and was 0.4 percent lower than the same week a year ago.

Purchase applications for the entire month of February were 18.0 percent higher than in January but were still 2.0 percent lower than the same month last year.

Refinance Applications:

The Refinance Index decreased 4.1 percent from the previous week. The four week moving average for the Index is down 3.29 percent. This is the fifth consecutive week that the Refinance Index has declined.

The refinance share of mortgage activity decreased to 75.1 percent of total applications from 77.0 percent the previous week.

For the past two weeks, refinance applications under the government’s HARP program have made up roughly 30 percent of all refinance activity.

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)

4.06

4.06

0.43

0.50

Decreased

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

4.39

4.33

0.39

0.40

Increased

15-Year FRM

3.36

3.36

0.34

0.38

Decreased

FHA 30-Year

3.82**

3.87

0.55

0.70

Decreased

5/1 ARM

2.81

2.78*

0.37

0.35

Increased

*Survey record low     **2012 Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent of total applications from 5.4 percent the previous week.

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

Sources:
Mortgage Bankers Association

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.
Helpful Tools

March 14, 2012 (Chris Moore)

Mortgage loan application volume fell for the fifth consecutive week on a seasonally adjusted basis as a dwindling number of refinance loan applications continued to contribute to the overall decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.4 percent from the previous week.

On an unadjusted basis, the Index decreased 1.8 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.12 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 4.4 percent from the previous week. The four week moving average is up 2.92 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 6.0 percent compared with the previous week and was 0.4 percent lower than the same week a year ago.

Purchase applications for the entire month of February were 18.0 percent higher than in January but were still 2.0 percent lower than the same month last year.

Refinance Applications:

The Refinance Index decreased 4.1 percent from the previous week. The four week moving average for the Index is down 3.29 percent. This is the fifth consecutive week that the Refinance Index has declined.

The refinance share of mortgage activity decreased to 75.1 percent of total applications from 77.0 percent the previous week.

For the past two weeks, refinance applications under the government’s HARP program have made up roughly 30 percent of all refinance activity.

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)

4.06

4.06

0.43

0.50

Decreased

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

4.39

4.33

0.39

0.40

Increased

15-Year FRM

3.36

3.36

0.34

0.38

Decreased

FHA 30-Year

3.82**

3.87

0.55

0.70

Decreased

5/1 ARM

2.81

2.78*

0.37

0.35

Increased

*Survey record low     **2012 Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.8 percent of total applications from 5.4 percent the previous week.

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

Sources:
Mortgage Bankers Association

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.