May 2, 2012 (Chris Moore)
Mortgage application volume was flat last week as a rise in purchase applications was muted by a decline in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 27, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 0.1 percent from the previous week.
On an unadjusted basis, the Index increased 0.4 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.09 percent.
Purchase Applications:
The seasonally adjusted Purchase Index increased 2.9 percent from the previous week. The four week moving average is down 1.77 percent for the adjusted Purchase Index.
The unadjusted Purchase Index increased 3.7 percent compared with the previous week and was 3.0 percent higher than the same week a year ago.
Refinance Applications:
The Refinance Index fell 0.7 percent from the previous week. The four week moving average for the Refinance Index is up 0.75 percent.
The refinance share of mortgage activity decreased to 72.6 percent of total applications from 73.4 percent the previous week.
Mortgage Interest Rates:
|
Average Contract Mortgages Rates |
|||||
|
Type of |
Interest Rate (%) |
Points |
Effective Rate |
||
|
Current |
Previous |
Current |
Previous |
||
| 30-Year FRM Conforming ($417,500 or less) |
4.05 |
4.04* |
0.44 |
0.40 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.32 |
4.27* |
0.38 |
0.44 |
Increased |
| 15-Year FRM |
3.31* |
3.32 |
0.41 |
0.41 |
Decreased |
| FHA 30-Year |
3.80* |
3.81 |
0.50 |
0.52 |
Decreased |
| 5/1 ARM |
2.87 |
2.81 |
0.35 |
0.37 |
Increased |
*Record Survey Low
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
Mortgage Bankers Association
