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Mortgage Applications Slide as Refinance Requests Drop
Mortgage Applications Slide as Refinance Requests Drop
Mortgage Applications Slide as Refinance Requests Drop
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Mortgage applications fell for the third time in four weeks as a decline in refinance applications overshadowed an increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 4.0 percent and follows a 7.7 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume fell four percent after climbing by eight percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by one percent from last week after increasing by seven percent the week before, while the unadjusted Purchase Index was two percent higher than the previous week. The unadjusted Purchase Index was four percent higher than during the same period last year.

According to Mike Fratantoni, Vice President of Research and Economics, the latest uptick in purchase applications is likely related to the increase in FHA premiums that took effect on April 1st.

Refinance Applications:

The Refinance Index fell six percent from last week after climbing by the eight percent the week before. The refinance share of mortgage activity fell from 75 percent of total applications the previous week to 74 percent last 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)

3.76

3.79

0.43

0.44

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

3.85

3.90

0.37

0.42

Decreased
15-Year FRM

2.98

3.02

0.36

0.42

Decreased
FHA 30-Year

3.48

3.51

0.38

0.43

Decreased
5/1 ARM

2.60

2.58

0.32

0.32

Increased

The adjustable-rate mortgage (ARM) share of activity remained at about five percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

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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.

Mortgage applications fell for the third time in four weeks as a decline in refinance applications overshadowed an increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 4.0 percent and follows a 7.7 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume fell four percent after climbing by eight percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by one percent from last week after increasing by seven percent the week before, while the unadjusted Purchase Index was two percent higher than the previous week. The unadjusted Purchase Index was four percent higher than during the same period last year.

According to Mike Fratantoni, Vice President of Research and Economics, the latest uptick in purchase applications is likely related to the increase in FHA premiums that took effect on April 1st.

Refinance Applications:

The Refinance Index fell six percent from last week after climbing by the eight percent the week before. The refinance share of mortgage activity fell from 75 percent of total applications the previous week to 74 percent last 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)

3.76

3.79

0.43

0.44

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

3.85

3.90

0.37

0.42

Decreased
15-Year FRM

2.98

3.02

0.36

0.42

Decreased
FHA 30-Year

3.48

3.51

0.38

0.43

Decreased
5/1 ARM

2.60

2.58

0.32

0.32

Increased

The adjustable-rate mortgage (ARM) share of activity remained at about five percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

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

Mortgage applications fell for the third time in four weeks as a decline in refinance applications overshadowed an increase in purchase applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 4.0 percent and follows a 7.7 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume fell four percent after climbing by eight percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by one percent from last week after increasing by seven percent the week before, while the unadjusted Purchase Index was two percent higher than the previous week. The unadjusted Purchase Index was four percent higher than during the same period last year.

According to Mike Fratantoni, Vice President of Research and Economics, the latest uptick in purchase applications is likely related to the increase in FHA premiums that took effect on April 1st.

Refinance Applications:

The Refinance Index fell six percent from last week after climbing by the eight percent the week before. The refinance share of mortgage activity fell from 75 percent of total applications the previous week to 74 percent last 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)

3.76

3.79

0.43

0.44

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

3.85

3.90

0.37

0.42

Decreased
15-Year FRM

2.98

3.02

0.36

0.42

Decreased
FHA 30-Year

3.48

3.51

0.38

0.43

Decreased
5/1 ARM

2.60

2.58

0.32

0.32

Increased

The adjustable-rate mortgage (ARM) share of activity remained at about five percent of total applications.

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

Source:
Mortgage Bankers Association

Reported by Chris Moore

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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