Mortgage Applications Decline Slightly as FHA Refi’s Surge
Mortgage Applications Decline Slightly as FHA Refi’s Surge
Mortgage Applications Decline Slightly as FHA Refi’s Surge
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June 21, 2012 (Chris Moore)

Mortgage applications fell slightly last week as applications to purchase homes fell but were countered by a slight increase in refinance applications which was by bolstered by a surge in FHA refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 15th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 0.8 percent from the previous week.

On an unadjusted basis, the Index decreased over one percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index suffered a decrease of nine percent from the previous week.

The unadjusted Purchase Index decreased over nine percent compared with the previous week and was two percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased one percent from the previous week. The refinance share of mortgage activity increased to 81 percent of total applications from 78 percent the previous week.

FHA refinance activity surged to an all-time high, more than double the amount from the previous week, while conventional and HARP refinance volume declined.

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)

3.87*

3.88

0.49

0.43

Decreased

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

4.06*

4.12

0.38

0.41

Decreased

15-Year FRM

3.25

3.23

0.45

0.48

Increased

FHA 30-Year

3.72

3.71

0.59

0.47

Increased

5/1 ARM

2.75*

2.78

0.33

0.49

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity fell to almost four percent of total applications.

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

Sources:
Mortgage Bankers Association

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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

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

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June 21, 2012 (Chris Moore)

Mortgage applications fell slightly last week as applications to purchase homes fell but were countered by a slight increase in refinance applications which was by bolstered by a surge in FHA refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 15th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 0.8 percent from the previous week.

On an unadjusted basis, the Index decreased over one percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index suffered a decrease of nine percent from the previous week.

The unadjusted Purchase Index decreased over nine percent compared with the previous week and was two percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased one percent from the previous week. The refinance share of mortgage activity increased to 81 percent of total applications from 78 percent the previous week.

FHA refinance activity surged to an all-time high, more than double the amount from the previous week, while conventional and HARP refinance volume declined.

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)

3.87*

3.88

0.49

0.43

Decreased

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

4.06*

4.12

0.38

0.41

Decreased

15-Year FRM

3.25

3.23

0.45

0.48

Increased

FHA 30-Year

3.72

3.71

0.59

0.47

Increased

5/1 ARM

2.75*

2.78

0.33

0.49

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity fell to almost four percent of total applications.

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

June 21, 2012 (Chris Moore)

Mortgage applications fell slightly last week as applications to purchase homes fell but were countered by a slight increase in refinance applications which was by bolstered by a surge in FHA refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 15th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 0.8 percent from the previous week.

On an unadjusted basis, the Index decreased over one percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index suffered a decrease of nine percent from the previous week.

The unadjusted Purchase Index decreased over nine percent compared with the previous week and was two percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased one percent from the previous week. The refinance share of mortgage activity increased to 81 percent of total applications from 78 percent the previous week.

FHA refinance activity surged to an all-time high, more than double the amount from the previous week, while conventional and HARP refinance volume declined.

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)

3.87*

3.88

0.49

0.43

Decreased

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

4.06*

4.12

0.38

0.41

Decreased

15-Year FRM

3.25

3.23

0.45

0.48

Increased

FHA 30-Year

3.72

3.71

0.59

0.47

Increased

5/1 ARM

2.75*

2.78

0.33

0.49

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity fell to almost four percent of total applications.

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.