The market index that measures mortgage application volume fell to its lowest level in over twelve years according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 13th, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, decreased 5.5 percent last week and follows a 1.0 percent increase the week before.
On an unadjusted basis, mortgage loan application volume declined by six percent from the previous week after increasing by forty-three percent the week before.
Last week’s
Purchase Applications:
The seasonally adjusted Purchase Index declined six percent after posting a one percent increase the week before. The unadjusted Purchase Index was nine percent lower than the previous week and was 12 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 eleven weeks.
Refinance Applications:
The Refinance Index decreased by four percent from the previous week after posting a two percent increase the week before. The refinance share of mortgage activity increased to 66 percent of total applications from 65 percent the week before.
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) |
4.62 |
4.61 |
0.38 |
0.26 |
Increased |
30-Year FRM Non-Conforming ($417,501 or more) |
4.61 |
4.59 |
0.24 |
0.15 |
Increased |
15-Year FRM |
3.66 |
3.66 |
0.35 |
0.31 |
Increased |
FHA 30-Year |
4.25 |
4.30 |
0.32 |
0.38 |
Decreased |
5/1 ARM |
3.20 |
3.11 |
0.42 |
0.35 |
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