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Refinance Applications Plummet as Interest Rates Jump Up
Refinance Applications Plummet as Interest Rates Jump Up
Refinance Applications Plummet as Interest Rates Jump Up
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July 6, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 1, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.2 percent as refinance activity plummeted due to rising interest rates.

On an unadjusted basis, the Index decreased 5.1 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.5 percent.

The seasonally adjusted Purchase Index increased 4.8 percent from one week earlier. The four week moving average is up 0.8 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 4.4 percent compared with the previous week, and is 11.7 percent higher than the same week one year ago.

“Stronger economic data towards the end of the week coupled with the end of the Fed’s second round of quantitative easing helped bring mortgage rates to their highest level in over a month,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity, already constrained by a smaller pool of eligible borrowers, declined in response to the higher rates, but purchase applications picked up appreciably in the week before the July 4th holiday.”

The Refinance Index decreased 9.2 percent from the previous week. The four week moving average is down 1.1 percent.

The refinance share of mortgage activity decreased to 66.4 percent of total applications from 69.5 percent last week.

The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.46 percent last week, with points decreasing to 0.90 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.79 percent from 3.64 percent last week, with points decreasing to 0.88 from 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

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

Sources:
MBA

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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.
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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.
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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
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.

July 6, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 1, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.2 percent as refinance activity plummeted due to rising interest rates.

On an unadjusted basis, the Index decreased 5.1 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.5 percent.

The seasonally adjusted Purchase Index increased 4.8 percent from one week earlier. The four week moving average is up 0.8 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 4.4 percent compared with the previous week, and is 11.7 percent higher than the same week one year ago.

“Stronger economic data towards the end of the week coupled with the end of the Fed’s second round of quantitative easing helped bring mortgage rates to their highest level in over a month,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity, already constrained by a smaller pool of eligible borrowers, declined in response to the higher rates, but purchase applications picked up appreciably in the week before the July 4th holiday.”

The Refinance Index decreased 9.2 percent from the previous week. The four week moving average is down 1.1 percent.

The refinance share of mortgage activity decreased to 66.4 percent of total applications from 69.5 percent last week.

The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.46 percent last week, with points decreasing to 0.90 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.79 percent from 3.64 percent last week, with points decreasing to 0.88 from 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

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

Sources:
MBA

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

July 6, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 1, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.2 percent as refinance activity plummeted due to rising interest rates.

On an unadjusted basis, the Index decreased 5.1 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.5 percent.

The seasonally adjusted Purchase Index increased 4.8 percent from one week earlier. The four week moving average is up 0.8 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 4.4 percent compared with the previous week, and is 11.7 percent higher than the same week one year ago.

“Stronger economic data towards the end of the week coupled with the end of the Fed’s second round of quantitative easing helped bring mortgage rates to their highest level in over a month,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity, already constrained by a smaller pool of eligible borrowers, declined in response to the higher rates, but purchase applications picked up appreciably in the week before the July 4th holiday.”

The Refinance Index decreased 9.2 percent from the previous week. The four week moving average is down 1.1 percent.

The refinance share of mortgage activity decreased to 66.4 percent of total applications from 69.5 percent last week.

The adjustable-rate mortgage (ARM) share of activity increased to 6.1 percent from 5.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.46 percent last week, with points decreasing to 0.90 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.79 percent from 3.64 percent last week, with points decreasing to 0.88 from 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

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

Sources:
MBA

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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