June 14, 2012 (Chris Moore)
Mortgage applications jumped to their highest levels in over three years as both applications for home purchases and refinances registered double-digit gains according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 8th, 2012.
The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 18.0 percent from the previous week.
On an unadjusted basis, the Index increased over thirty percent from the previous week because of the Memorial Day holiday.
Purchase Applications:
The seasonally adjusted Purchase Index increased about 13 percent from the previous week.
The unadjusted Purchase Index increased over 23 percent compared with the previous week, also due to the Memorial Day holiday, and was four percent higher than the same week a year ago.
Refinance Applications:
The Refinance Index saw an increase of almost 19 percent from the previous week. The refinance share of mortgage activity increased to 79 percent of total applications from 78 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) |
3.88 |
3.87* |
0.43 |
0.46 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.12* |
4.13 |
0.41 |
0.35 |
Increased |
| 15-Year FRM |
3.23 |
3.20* |
0.48 |
0.46 |
Increased |
| FHA 30-Year |
3.71 |
3.70* |
0.59 |
0.60 |
Increased |
| 5/1 ARM |
2.78 |
2.78 |
0.49 |
0.40 |
Increased |
*Record Survey Low
The adjustable-rate mortgage (ARM) share of activity remained at about the same level as the previous week, near five percent.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
Mortgage Bankers Association
