Mortgage Applications Tumble
Mortgage Applications Tumble
Mortgage Applications Tumble
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December 19, 2012 (Chris Moore)

Mortgage applications tumbled last week led by a sharp drop in applications to refinance mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 13th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 12.3 percent from the previous week and follows a 6.2 percent increase the week before.

On an unadjusted basis, the Index declined by 13 percent from the previous week and follows a six percent increase from the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell five percent from the previous week after climbing by one percent the week before, while the unadjusted Purchase Index declined by eight percent over the previous week. The unadjusted Purchase Index was nine percent lower than during the same period last year.

Refinance Applications:

The Refinance Index fell 14 percent from the previous week after posting an increase of eight percent the week before. The refinance share of mortgage activity declined to 83 percent of total applications from 84 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)

3.50

3.47*

0.44

0.36

Increased

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

3.73*

3.77

0.29

0.35

Decreased

15-Year FRM

2.83*

2.85

0.26

0.26

Decreased

FHA 30-Year

3.34

3.32*

0.54

0.51

Increased

5/1 ARM

2.61

2.63

0.36

0.34

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained around 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

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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.
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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 19, 2012 (Chris Moore)

Mortgage applications tumbled last week led by a sharp drop in applications to refinance mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 13th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 12.3 percent from the previous week and follows a 6.2 percent increase the week before.

On an unadjusted basis, the Index declined by 13 percent from the previous week and follows a six percent increase from the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell five percent from the previous week after climbing by one percent the week before, while the unadjusted Purchase Index declined by eight percent over the previous week. The unadjusted Purchase Index was nine percent lower than during the same period last year.

Refinance Applications:

The Refinance Index fell 14 percent from the previous week after posting an increase of eight percent the week before. The refinance share of mortgage activity declined to 83 percent of total applications from 84 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)

3.50

3.47*

0.44

0.36

Increased

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

3.73*

3.77

0.29

0.35

Decreased

15-Year FRM

2.83*

2.85

0.26

0.26

Decreased

FHA 30-Year

3.34

3.32*

0.54

0.51

Increased

5/1 ARM

2.61

2.63

0.36

0.34

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained around 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 19, 2012 (Chris Moore)

Mortgage applications tumbled last week led by a sharp drop in applications to refinance mortgages according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 13th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 12.3 percent from the previous week and follows a 6.2 percent increase the week before.

On an unadjusted basis, the Index declined by 13 percent from the previous week and follows a six percent increase from the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell five percent from the previous week after climbing by one percent the week before, while the unadjusted Purchase Index declined by eight percent over the previous week. The unadjusted Purchase Index was nine percent lower than during the same period last year.

Refinance Applications:

The Refinance Index fell 14 percent from the previous week after posting an increase of eight percent the week before. The refinance share of mortgage activity declined to 83 percent of total applications from 84 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)

3.50

3.47*

0.44

0.36

Increased

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

3.73*

3.77

0.29

0.35

Decreased

15-Year FRM

2.83*

2.85

0.26

0.26

Decreased

FHA 30-Year

3.34

3.32*

0.54

0.51

Increased

5/1 ARM

2.61

2.63

0.36

0.34

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained around 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.