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Mortgage Applications Fall Despite Record Low Rates
Mortgage Applications Fall Despite Record Low Rates
Mortgage Applications Fall Despite Record Low Rates
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April 25, 2012 (Chris Moore)

Mortgage application volume fell last week as refinance applications fell for the ninth time in the last ten weeks despite record low rates for 30-year and 15-year fixed rate mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 20, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, decreased a seasonally adjusted 3.8 percent from the previous week.

On an unadjusted basis, the Index fell 3.3 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.23 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 2.7 percent from the previous week. The four week moving average is down 0.67 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 3.6 percent compared with the previous week and was unchanged from the same week a year ago.

Refinance Applications:

The Refinance Index fell 5.6 percent from the previous week. Both the Conventional and Government Refinance Indices fell this week with the Conventional Refinance Index falling 6.1 percent and the Government Refinance Index dipping 2.1 percent. The four week moving average for the Refinance Index is up 1.92 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 75.2 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)

4.04*

4.05

0.40

0.45

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

4.27*

4.36

0.44

0.36

Decreased
15-Year FRM

3.32*

3.33

0.41

0.41

Decreased
FHA 30-Year

3.81

3.83

0.52

0.61

Decreased
5/1 ARM

2.81

2.83

0.37

0.35

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent 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.

April 25, 2012 (Chris Moore)

Mortgage application volume fell last week as refinance applications fell for the ninth time in the last ten weeks despite record low rates for 30-year and 15-year fixed rate mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 20, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, decreased a seasonally adjusted 3.8 percent from the previous week.

On an unadjusted basis, the Index fell 3.3 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.23 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 2.7 percent from the previous week. The four week moving average is down 0.67 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 3.6 percent compared with the previous week and was unchanged from the same week a year ago.

Refinance Applications:

The Refinance Index fell 5.6 percent from the previous week. Both the Conventional and Government Refinance Indices fell this week with the Conventional Refinance Index falling 6.1 percent and the Government Refinance Index dipping 2.1 percent. The four week moving average for the Refinance Index is up 1.92 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 75.2 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)

4.04*

4.05

0.40

0.45

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

4.27*

4.36

0.44

0.36

Decreased
15-Year FRM

3.32*

3.33

0.41

0.41

Decreased
FHA 30-Year

3.81

3.83

0.52

0.61

Decreased
5/1 ARM

2.81

2.83

0.37

0.35

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent 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.
Information You Can Use
Helpful Tools

April 25, 2012 (Chris Moore)

Mortgage application volume fell last week as refinance applications fell for the ninth time in the last ten weeks despite record low rates for 30-year and 15-year fixed rate mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 20, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, decreased a seasonally adjusted 3.8 percent from the previous week.

On an unadjusted basis, the Index fell 3.3 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.23 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 2.7 percent from the previous week. The four week moving average is down 0.67 percent for the adjusted Purchase Index.

The unadjusted Purchase Index increased 3.6 percent compared with the previous week and was unchanged from the same week a year ago.

Refinance Applications:

The Refinance Index fell 5.6 percent from the previous week. Both the Conventional and Government Refinance Indices fell this week with the Conventional Refinance Index falling 6.1 percent and the Government Refinance Index dipping 2.1 percent. The four week moving average for the Refinance Index is up 1.92 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 75.2 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)

4.04*

4.05

0.40

0.45

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

4.27*

4.36

0.44

0.36

Decreased
15-Year FRM

3.32*

3.33

0.41

0.41

Decreased
FHA 30-Year

3.81

3.83

0.52

0.61

Decreased
5/1 ARM

2.81

2.83

0.37

0.35

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent 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.
Information You Can Use

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