Mortgage applications for both purchases and refinances declined last week as higher mortgage interest led to an overall slowdown in activity according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 8th, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 4.7 percent and follows a 14.8 percent decline from the previous week.
On an unadjusted basis, mortgage loan application volume fell four percent after climbing by 15 percent the week before.
Purchase Applications:
The seasonally adjusted Purchase Index fell by three percent from last week after increasing by 15 percent the week before, while the unadjusted Purchase Index was one percent lower than the previous week. The unadjusted Purchase Index was still nine percent higher than during the same period last year.
Refinance Applications:
The Refinance Index declined five percent from last week after increasing by four percent the week before. The refinance share of mortgage activity fell from 77 percent of total applications the previous week to 76 percent last week.
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) |
3.81 |
3.70 |
0.39 |
0.39 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
3.90 |
3.80 |
0.46 |
0.37 |
Increased |
| 15-Year FRM |
3.01 |
2.96 |
0.42 |
0.36 |
Increased |
| FHA 30-Year |
3.53 |
3.47 |
0.38 |
0.33 |
Increased |
| 5/1 ARM |
2.62 |
2.55 |
0.33 |
0.37 |
Increased |
The adjustable-rate mortgage (ARM) share of activity moved up to 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
