Mortgage Applications Increase as Rates Sink
Mortgage Applications Increase as Rates Sink
Mortgage Applications Increase as Rates Sink
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December 6, 2012 (Chris Moore)

Mortgage applications for both home purchases and refinances increased last week as three out of the five mortgage rate categories either matched or set record lows according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 4.5 percent from the previous week and follows a 0.9 percent decline the week before.

On an unadjusted basis, the Index increased by 49 percent from the previous week and follows a 24 percent decline from the week before due to the Thanksgiving holiday.

Purchase Applications:

The seasonally adjusted Purchase Index climbed 0.1 percent from the previous week after climbing by three percent the week before, while the unadjusted Purchase Index increased by 36 percent over the previous week, which was noticeably higher than the previous week due to the Thanksgiving holiday the week before. The unadjusted Purchase Index was 0.1 percent lower than at the same time a year ago.

Refinance Applications:

The Refinance Index increased six percent from the previous week after posting a decline of two percent the week before. The refinance share of mortgage activity moved up to 83 percent of total applications from 81 percent the week before.

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)

3.52*

3.53

0.41

0.40

Decreased

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

3.79

3.75

0.32

0.31

Increased

15-Year FRM

2.86*

2.89

0.27

0.35

Decreased

FHA 30-Year

3.34*

3.36

0.62

0.65

Decreased

5/1 ARM

2.62

2.60

0.40

0.37

Increased

*Record Survey Low

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

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

Source:
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.
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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.
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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
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.

December 6, 2012 (Chris Moore)

Mortgage applications for both home purchases and refinances increased last week as three out of the five mortgage rate categories either matched or set record lows according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 4.5 percent from the previous week and follows a 0.9 percent decline the week before.

On an unadjusted basis, the Index increased by 49 percent from the previous week and follows a 24 percent decline from the week before due to the Thanksgiving holiday.

Purchase Applications:

The seasonally adjusted Purchase Index climbed 0.1 percent from the previous week after climbing by three percent the week before, while the unadjusted Purchase Index increased by 36 percent over the previous week, which was noticeably higher than the previous week due to the Thanksgiving holiday the week before. The unadjusted Purchase Index was 0.1 percent lower than at the same time a year ago.

Refinance Applications:

The Refinance Index increased six percent from the previous week after posting a decline of two percent the week before. The refinance share of mortgage activity moved up to 83 percent of total applications from 81 percent the week before.

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)

3.52*

3.53

0.41

0.40

Decreased

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

3.79

3.75

0.32

0.31

Increased

15-Year FRM

2.86*

2.89

0.27

0.35

Decreased

FHA 30-Year

3.34*

3.36

0.62

0.65

Decreased

5/1 ARM

2.62

2.60

0.40

0.37

Increased

*Record Survey Low

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

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

Source:
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

December 6, 2012 (Chris Moore)

Mortgage applications for both home purchases and refinances increased last week as three out of the five mortgage rate categories either matched or set record lows according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 4.5 percent from the previous week and follows a 0.9 percent decline the week before.

On an unadjusted basis, the Index increased by 49 percent from the previous week and follows a 24 percent decline from the week before due to the Thanksgiving holiday.

Purchase Applications:

The seasonally adjusted Purchase Index climbed 0.1 percent from the previous week after climbing by three percent the week before, while the unadjusted Purchase Index increased by 36 percent over the previous week, which was noticeably higher than the previous week due to the Thanksgiving holiday the week before. The unadjusted Purchase Index was 0.1 percent lower than at the same time a year ago.

Refinance Applications:

The Refinance Index increased six percent from the previous week after posting a decline of two percent the week before. The refinance share of mortgage activity moved up to 83 percent of total applications from 81 percent the week before.

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)

3.52*

3.53

0.41

0.40

Decreased

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

3.79

3.75

0.32

0.31

Increased

15-Year FRM

2.86*

2.89

0.27

0.35

Decreased

FHA 30-Year

3.34*

3.36

0.62

0.65

Decreased

5/1 ARM

2.62

2.60

0.40

0.37

Increased

*Record Survey Low

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

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

Source:
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.