Mortgage Applications Fall Despite New Record Low Mortgage Rates
Mortgage Applications Fall Despite New Record Low Mortgage Rates
Mortgage Applications Fall Despite New Record Low Mortgage Rates
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July 12, 2012 (Chris Moore)

Mortgage rates fell to new record lows across the board last week but it once again wasn’t enough to boost mortgage applications as applications for mortgage refinances fell for another week while purchase applications edged up slightly according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 6th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 2.1 percent from the previous week and follows a 6.7 percent decline last week.

On an unadjusted basis, the Index decreased by 22 percent from the previous week due to the day lost last week for the Fourth of July holiday.

Purchase Applications:

The seasonally adjusted Purchase Index increased three percent from the previous week, after increasing about one percent the week before.

The unadjusted Purchase Index was off by 17 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index decreased three percent from the previous week. The refinance share of mortgage activity fell to 77 percent of total applications from 78 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)

3.79*

3.86

0.36

0.41

Decreased

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

4.05*

4.08

0.34

0.38

Decreased

15-Year FRM

3.15*

3.20

0.43

0.47

Decreased

FHA 30-Year

3.63*

3.69

0.36

0.50

Decreased

5/1 ARM

2.71*

2.76

0.36

0.45

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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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Mortgage
Calculator

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

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July 12, 2012 (Chris Moore)

Mortgage rates fell to new record lows across the board last week but it once again wasn’t enough to boost mortgage applications as applications for mortgage refinances fell for another week while purchase applications edged up slightly according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 6th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 2.1 percent from the previous week and follows a 6.7 percent decline last week.

On an unadjusted basis, the Index decreased by 22 percent from the previous week due to the day lost last week for the Fourth of July holiday.

Purchase Applications:

The seasonally adjusted Purchase Index increased three percent from the previous week, after increasing about one percent the week before.

The unadjusted Purchase Index was off by 17 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index decreased three percent from the previous week. The refinance share of mortgage activity fell to 77 percent of total applications from 78 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)

3.79*

3.86

0.36

0.41

Decreased

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

4.05*

4.08

0.34

0.38

Decreased

15-Year FRM

3.15*

3.20

0.43

0.47

Decreased

FHA 30-Year

3.63*

3.69

0.36

0.50

Decreased

5/1 ARM

2.71*

2.76

0.36

0.45

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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

July 12, 2012 (Chris Moore)

Mortgage rates fell to new record lows across the board last week but it once again wasn’t enough to boost mortgage applications as applications for mortgage refinances fell for another week while purchase applications edged up slightly according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 6th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 2.1 percent from the previous week and follows a 6.7 percent decline last week.

On an unadjusted basis, the Index decreased by 22 percent from the previous week due to the day lost last week for the Fourth of July holiday.

Purchase Applications:

The seasonally adjusted Purchase Index increased three percent from the previous week, after increasing about one percent the week before.

The unadjusted Purchase Index was off by 17 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index decreased three percent from the previous week. The refinance share of mortgage activity fell to 77 percent of total applications from 78 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)

3.79*

3.86

0.36

0.41

Decreased

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

4.05*

4.08

0.34

0.38

Decreased

15-Year FRM

3.15*

3.20

0.43

0.47

Decreased

FHA 30-Year

3.63*

3.69

0.36

0.50

Decreased

5/1 ARM

2.71*

2.76

0.36

0.45

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at about 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.