Mortgage Applications Bounce Back After Slow Holiday Week
Mortgage Applications Bounce Back After Slow Holiday Week
Mortgage Applications Bounce Back After Slow Holiday Week
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December 7, 2011 (Chris Moore)

Mortgage applications bounced back after the slow Thanksgiving holiday though activity was still below levels reported two weeks ago according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 12.8 percent from the previous week.

On an unadjusted basis, the Index increased 60.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.20 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 8.3 percent from the previous week. The four week moving average is up 3.33 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 47.2 percent compared with the previous week and was 0.8 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 15.3 percent from the previous week. The four week moving average for the Index is down 5.13 percent.

The refinance share of mortgage activity increased to 76.0 percent of total applications from 73.9 percent the previous week.

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)

4.18

4.21

0.48

0.49

Decreased

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

4.52

4.55

0.47

0.45

Decreased

15-Year FRM

3.53

3.58

0.45

0.45

Decreased

FHA 30-Year

3.98

4.00

0.52

0.62

Decreased

5/1 ARM

3.01

2.98

0.54

0.47

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.7 percent of total applications from 5.8 percent the previous week.

November Mortgage Statistics:

Of the mortgage applications made for home purchases, 85.5 percent were for 30-year fixed rate loans while 6.8 percent were for a 15-year fixed rate loan and 5.9 percent were for an adjustable rate loan.

Of the mortgage applications made by borrowers who refinanced their loans, 52.9 percent applied for a 30-year fixed rate loan, 26.2 applied for a 15-year fixed rate loan, 5.8 percent applied for an adjustable rate loan and 15.1 percent of the applications were for a fixed loan other than a 15- or 30-year term.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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

Sources:
Mortgage Bankers Association

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Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

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Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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December 7, 2011 (Chris Moore)

Mortgage applications bounced back after the slow Thanksgiving holiday though activity was still below levels reported two weeks ago according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 12.8 percent from the previous week.

On an unadjusted basis, the Index increased 60.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.20 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 8.3 percent from the previous week. The four week moving average is up 3.33 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 47.2 percent compared with the previous week and was 0.8 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 15.3 percent from the previous week. The four week moving average for the Index is down 5.13 percent.

The refinance share of mortgage activity increased to 76.0 percent of total applications from 73.9 percent the previous week.

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)

4.18

4.21

0.48

0.49

Decreased

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

4.52

4.55

0.47

0.45

Decreased

15-Year FRM

3.53

3.58

0.45

0.45

Decreased

FHA 30-Year

3.98

4.00

0.52

0.62

Decreased

5/1 ARM

3.01

2.98

0.54

0.47

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.7 percent of total applications from 5.8 percent the previous week.

November Mortgage Statistics:

Of the mortgage applications made for home purchases, 85.5 percent were for 30-year fixed rate loans while 6.8 percent were for a 15-year fixed rate loan and 5.9 percent were for an adjustable rate loan.

Of the mortgage applications made by borrowers who refinanced their loans, 52.9 percent applied for a 30-year fixed rate loan, 26.2 applied for a 15-year fixed rate loan, 5.8 percent applied for an adjustable rate loan and 15.1 percent of the applications were for a fixed loan other than a 15- or 30-year term.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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

December 7, 2011 (Chris Moore)

Mortgage applications bounced back after the slow Thanksgiving holiday though activity was still below levels reported two weeks ago according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, increased a seasonally adjusted 12.8 percent from the previous week.

On an unadjusted basis, the Index increased 60.2 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.20 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 8.3 percent from the previous week. The four week moving average is up 3.33 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 47.2 percent compared with the previous week and was 0.8 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 15.3 percent from the previous week. The four week moving average for the Index is down 5.13 percent.

The refinance share of mortgage activity increased to 76.0 percent of total applications from 73.9 percent the previous week.

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)

4.18

4.21

0.48

0.49

Decreased

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

4.52

4.55

0.47

0.45

Decreased

15-Year FRM

3.53

3.58

0.45

0.45

Decreased

FHA 30-Year

3.98

4.00

0.52

0.62

Decreased

5/1 ARM

3.01

2.98

0.54

0.47

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.7 percent of total applications from 5.8 percent the previous week.

November Mortgage Statistics:

Of the mortgage applications made for home purchases, 85.5 percent were for 30-year fixed rate loans while 6.8 percent were for a 15-year fixed rate loan and 5.9 percent were for an adjustable rate loan.

Of the mortgage applications made by borrowers who refinanced their loans, 52.9 percent applied for a 30-year fixed rate loan, 26.2 applied for a 15-year fixed rate loan, 5.8 percent applied for an adjustable rate loan and 15.1 percent of the applications were for a fixed loan other than a 15- or 30-year term.

This week’s results are based on an enhanced sample which captures more than 75% of all retail and consumer direct channel mortgage applications, compared to 50% previously.

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.