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Mortgage Applications Decline as Refinances Run Out of Steam
Mortgage Applications Decline as Refinances Run Out of Steam
Mortgage Applications Decline as Refinances Run Out of Steam
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June 1, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 27, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0 percent as purchase applications remained at about the same levels as the previous week and refinance applications decreased, even as interest rates for 30 year fixed rate mortgages continued to inch downward.

On an unadjusted basis, the Index decreased 4.2 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 3.0 percent.

The seasonally adjusted Purchase Index remained unchanged from one week earlier. The four week moving average is up 1.1 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index decreased 1.2 percent compared with the previous week and was 7.6 percent higher than the same week one year ago.

The Refinance Index decreased 5.7 percent from the previous week. The four week moving average is up 3.8 percent.

The refinance share of mortgage activity decreased to 65.7 percent of total applications from 66.8 percent last week.

“Interest rates fell last week as incoming economic data was weaker than anticipated. Despite this drop in rates, the number of refinance applications fell. In fact, the last time mortgage rates were this low, refinance volume was more than twenty percent higher. It is likely that many borrowers still cannot qualify to refinance given the lack of equity in their homes,” said Mike Fratantoni, MBA’s Vice President of Research and Economics.

The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.58 percent from 4.69 percent last week, with points increasing to 1.01 from 0.69 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78, with points increasing to 1.07 from 1.04 (including the origination fee) for 80 percent LTV loans. The effective rate increased slightly from last week.

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

Sources:
MBA

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Helpful Tools
Mortgage
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Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
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15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

June 1, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 27, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0 percent as purchase applications remained at about the same levels as the previous week and refinance applications decreased, even as interest rates for 30 year fixed rate mortgages continued to inch downward.

On an unadjusted basis, the Index decreased 4.2 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 3.0 percent.

The seasonally adjusted Purchase Index remained unchanged from one week earlier. The four week moving average is up 1.1 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index decreased 1.2 percent compared with the previous week and was 7.6 percent higher than the same week one year ago.

The Refinance Index decreased 5.7 percent from the previous week. The four week moving average is up 3.8 percent.

The refinance share of mortgage activity decreased to 65.7 percent of total applications from 66.8 percent last week.

“Interest rates fell last week as incoming economic data was weaker than anticipated. Despite this drop in rates, the number of refinance applications fell. In fact, the last time mortgage rates were this low, refinance volume was more than twenty percent higher. It is likely that many borrowers still cannot qualify to refinance given the lack of equity in their homes,” said Mike Fratantoni, MBA’s Vice President of Research and Economics.

The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.58 percent from 4.69 percent last week, with points increasing to 1.01 from 0.69 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78, with points increasing to 1.07 from 1.04 (including the origination fee) for 80 percent LTV loans. The effective rate increased slightly from last week.

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

Sources:
MBA

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.
Information You Can Use
Helpful Tools

June 1, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 27, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0 percent as purchase applications remained at about the same levels as the previous week and refinance applications decreased, even as interest rates for 30 year fixed rate mortgages continued to inch downward.

On an unadjusted basis, the Index decreased 4.2 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 3.0 percent.

The seasonally adjusted Purchase Index remained unchanged from one week earlier. The four week moving average is up 1.1 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index decreased 1.2 percent compared with the previous week and was 7.6 percent higher than the same week one year ago.

The Refinance Index decreased 5.7 percent from the previous week. The four week moving average is up 3.8 percent.

The refinance share of mortgage activity decreased to 65.7 percent of total applications from 66.8 percent last week.

“Interest rates fell last week as incoming economic data was weaker than anticipated. Despite this drop in rates, the number of refinance applications fell. In fact, the last time mortgage rates were this low, refinance volume was more than twenty percent higher. It is likely that many borrowers still cannot qualify to refinance given the lack of equity in their homes,” said Mike Fratantoni, MBA’s Vice President of Research and Economics.

The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.58 percent from 4.69 percent last week, with points increasing to 1.01 from 0.69 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78, with points increasing to 1.07 from 1.04 (including the origination fee) for 80 percent LTV loans. The effective rate increased slightly from last week.

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

Sources:
MBA

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.
Information You Can Use

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