Mortgage Applications Decline as Interest Rates Jump to 18 Month High
Mortgage Applications Decline as Interest Rates Jump to 18 Month High
Mortgage Applications Decline as Interest Rates Jump to 18 Month High
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Mortgage applications for home refinances tumbled as mortgage interest rates jumped to their highest levels in eighteen months according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 21st, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 3.0 percent last week and follows a 3.3 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume also declined by three percent after declining by four percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a three percent decline the week before. The unadjusted Purchase Index was one percent higher than the previous week and was 16 percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was five percent lower than the previous week after declining by three percent the week before. The refinance share of mortgage activity fell to 67 percent of total applications from 69 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)

4.46

4.17

0.35

0.41

Increased

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

4.52

4.23

0.28

0.34

Increased

15-Year FRM

3.55

3.30

0.43

0.39

Increased

FHA 30-Year

4.20

3.85

0.40

0.22

Increased

5/1 ARM

3.06

2.81

0.39

0.35

Increased

 
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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Mortgage applications for home refinances tumbled as mortgage interest rates jumped to their highest levels in eighteen months according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 21st, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 3.0 percent last week and follows a 3.3 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume also declined by three percent after declining by four percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a three percent decline the week before. The unadjusted Purchase Index was one percent higher than the previous week and was 16 percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was five percent lower than the previous week after declining by three percent the week before. The refinance share of mortgage activity fell to 67 percent of total applications from 69 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)

4.46

4.17

0.35

0.41

Increased

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

4.52

4.23

0.28

0.34

Increased

15-Year FRM

3.55

3.30

0.43

0.39

Increased

FHA 30-Year

4.20

3.85

0.40

0.22

Increased

5/1 ARM

3.06

2.81

0.39

0.35

Increased

 
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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Mortgage applications for home refinances tumbled as mortgage interest rates jumped to their highest levels in eighteen months according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 21st, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 3.0 percent last week and follows a 3.3 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume also declined by three percent after declining by four percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a three percent decline the week before. The unadjusted Purchase Index was one percent higher than the previous week and was 16 percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was five percent lower than the previous week after declining by three percent the week before. The refinance share of mortgage activity fell to 67 percent of total applications from 69 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)

4.46

4.17

0.35

0.41

Increased

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

4.52

4.23

0.28

0.34

Increased

15-Year FRM

3.55

3.30

0.43

0.39

Increased

FHA 30-Year

4.20

3.85

0.40

0.22

Increased

5/1 ARM

3.06

2.81

0.39

0.35

Increased

 
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.