Mortgage Applications Dip Slightly
Mortgage Applications Dip Slightly
Mortgage Applications Dip Slightly
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February 1, 2012 (Chris Moore)

Mortgage application volume dipped slightly on a seasonally adjusted basis last week, but unadjusted, volume was nine percent higher than the previous week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.9 percent from the previous week.

On an unadjusted basis, the Index increased 9.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 4.11 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low-levels until the end of 2014. Longer-term treasury rates dropped in response, and mortgage rates for the week were down slightly as a result. Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Refinance Program (HARP) contributed to roughly 10 percent of their refinance activity.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.7 percent from the previous week. The four week moving average is up 2.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 17.1 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 3.6 percent from the previous week. The four week moving average for the Index is up 4.22 percent.

The refinance share of mortgage activity fell to 80.0 percent of total applications from 81.3 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)

4.09

4.11

0.41

0.47

Decreased

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

4.33*

4.39

0.41

0.40

Decreased

15-Year FRM

3.36

3.40

0.36

0.40

Decreased

FHA 30-Year

3.96

3.97

0.61

0.57

Increased

5/1 ARM

2.94

2.91

0.39

0.41

Increased

*Survey record low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent of total applications from 5.3 percent the previous week.

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

Sources:
Mortgage Bankers Association

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Helpful Tools
Mortgage
Calculator

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

See today's mortgage rates. Shop, compare and save.

February 1, 2012 (Chris Moore)

Mortgage application volume dipped slightly on a seasonally adjusted basis last week, but unadjusted, volume was nine percent higher than the previous week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.9 percent from the previous week.

On an unadjusted basis, the Index increased 9.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 4.11 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low-levels until the end of 2014. Longer-term treasury rates dropped in response, and mortgage rates for the week were down slightly as a result. Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Refinance Program (HARP) contributed to roughly 10 percent of their refinance activity.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.7 percent from the previous week. The four week moving average is up 2.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 17.1 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 3.6 percent from the previous week. The four week moving average for the Index is up 4.22 percent.

The refinance share of mortgage activity fell to 80.0 percent of total applications from 81.3 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)

4.09

4.11

0.41

0.47

Decreased

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

4.33*

4.39

0.41

0.40

Decreased

15-Year FRM

3.36

3.40

0.36

0.40

Decreased

FHA 30-Year

3.96

3.97

0.61

0.57

Increased

5/1 ARM

2.94

2.91

0.39

0.41

Increased

*Survey record low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent of total applications from 5.3 percent the previous week.

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

February 1, 2012 (Chris Moore)

Mortgage application volume dipped slightly on a seasonally adjusted basis last week, but unadjusted, volume was nine percent higher than the previous week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 2.9 percent from the previous week.

On an unadjusted basis, the Index increased 9.0 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 4.11 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “The Federal Reserve surprised the market last week by indicating that short-term rates were likely to stay at their current low-levels until the end of 2014. Longer-term treasury rates dropped in response, and mortgage rates for the week were down slightly as a result. Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Refinance Program (HARP) contributed to roughly 10 percent of their refinance activity.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.7 percent from the previous week. The four week moving average is up 2.48 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 17.1 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 3.6 percent from the previous week. The four week moving average for the Index is up 4.22 percent.

The refinance share of mortgage activity fell to 80.0 percent of total applications from 81.3 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)

4.09

4.11

0.41

0.47

Decreased

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

4.33*

4.39

0.41

0.40

Decreased

15-Year FRM

3.36

3.40

0.36

0.40

Decreased

FHA 30-Year

3.96

3.97

0.61

0.57

Increased

5/1 ARM

2.94

2.91

0.39

0.41

Increased

*Survey record low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent of total applications from 5.3 percent the previous week.

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.