Mortgage application volume continued to decline last week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 20th, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, decreased 6.3 percent last week and follows a 5.5 percent decrease the week before.
On an unadjusted basis, mortgage loan application volume declined by seven percent from the previous week after declining by six percent the week before.
Purchase Applications:
The seasonally adjusted Purchase Index declined by four percent after posting a six percent decrease the week before. The unadjusted Purchase Index was five percent lower than the previous week and was 11 percent lower than at the same time a year ago.
Applications to purchase homes have been at or lower than last year’s levels for the past twelve weeks.
Refinance Applications:
The Refinance Index decreased by eight percent from the previous week after posting a four percent decline the week before. The refinance share of mortgage activity decreased to 65 percent of total applications from 66 percent the week before.
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) |
4.64 |
4.62 |
0.41 |
0.38 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.63 |
4.61 |
0.24 |
0.24 |
Increased |
| 15-Year FRM |
3.74 |
3.66 |
0.29 |
0.35 |
Increased |
| FHA 30-Year |
4.29 |
4.25 |
0.24 |
0.32 |
Increased |
| 5/1 ARM |
3.26 |
3.20 |
0.39 |
0.42 |
Increased |
The adjustable-rate mortgage (ARM) share of activity increased to 8.3 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
