Mortgage application volume started the New Year with a slight increase according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 3rd, 2014.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased 2.6 percent last week.
On an unadjusted basis, mortgage loan application volume increased by 47 percent from the previous week.
The adjusted Index includes an adjustment for the New Year’s holiday.
Purchase Applications:
The seasonally adjusted Purchase Index declined by one percent after posting a two percent increase the week before. The unadjusted Purchase Index was 42 percent higher than the previous week and was 20 percent lower than at the same time a year ago.
Applications to purchase homes have been at or lower than last year’s levels for the past fourteen weeks.
Refinance Applications:
The Refinance Index increased by five percent from the previous week after posting a nine percent decline the week before. The refinance share of mortgage activity remained unchanged from the previous week at 63 percent of total applications.
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) |
4.72 |
4.72 |
0.28 |
0.28 |
Unchanged |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.66 |
4.66 |
0.12 |
0.27 |
Decreased |
| 15-Year FRM |
3.77 |
3.73 |
0.34 |
0.40 |
Increased |
| FHA 30-Year |
4.36 |
4.35 |
0.14 |
0.15 |
Increased |
| 5/1 ARM |
3.33 |
3.31 |
0.44 |
0.46 |
Increased |
The adjustable-rate mortgage (ARM) share of activity remained at about eight 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
