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Rising Rates Impact Mortgage Applications
Rising Rates Impact Mortgage Applications
Rising Rates Impact Mortgage Applications
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Higher mortgage interest rates continued to have an impact on mortgage applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 23rd, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 2.5 percent last week and follows a 4.6 percent decrease from the week before.

On an unadjusted basis, mortgage loan application volume fell three percent from the previous week after falling by five percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was 0.3 percent higher than the previous week and was six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index declined by five percent from the previous week after falling eight percent the week before. Refinance activity has fallen by just over 64 percent since the beginning of May when mortgage interest rates began to climb. The refinance share of mortgage activity fell to 60 percent of total applications from 62 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)

4.80

4.68

0.41

0.42

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

4.78

4.74

0.34

0.28

Increased
15-Year FRM

3.84

3.71

0.35

0.32

Increased
FHA 30-Year

4.52

4.40

0.35

0.21

Increased
5/1 ARM

3.50

3.44

0.37

0.48

Increased

 
The adjustable-rate mortgage (ARM) share of activity increased to around seven 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

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.
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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.
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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.
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.

Higher mortgage interest rates continued to have an impact on mortgage applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 23rd, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 2.5 percent last week and follows a 4.6 percent decrease from the week before.

On an unadjusted basis, mortgage loan application volume fell three percent from the previous week after falling by five percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was 0.3 percent higher than the previous week and was six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index declined by five percent from the previous week after falling eight percent the week before. Refinance activity has fallen by just over 64 percent since the beginning of May when mortgage interest rates began to climb. The refinance share of mortgage activity fell to 60 percent of total applications from 62 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)

4.80

4.68

0.41

0.42

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

4.78

4.74

0.34

0.28

Increased
15-Year FRM

3.84

3.71

0.35

0.32

Increased
FHA 30-Year

4.52

4.40

0.35

0.21

Increased
5/1 ARM

3.50

3.44

0.37

0.48

Increased

 
The adjustable-rate mortgage (ARM) share of activity increased to around seven 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

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

Higher mortgage interest rates continued to have an impact on mortgage applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 23rd, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 2.5 percent last week and follows a 4.6 percent decrease from the week before.

On an unadjusted basis, mortgage loan application volume fell three percent from the previous week after falling by five percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent after posting a one percent increase the week before. The unadjusted Purchase Index was 0.3 percent higher than the previous week and was six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index declined by five percent from the previous week after falling eight percent the week before. Refinance activity has fallen by just over 64 percent since the beginning of May when mortgage interest rates began to climb. The refinance share of mortgage activity fell to 60 percent of total applications from 62 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)

4.80

4.68

0.41

0.42

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

4.78

4.74

0.34

0.28

Increased
15-Year FRM

3.84

3.71

0.35

0.32

Increased
FHA 30-Year

4.52

4.40

0.35

0.21

Increased
5/1 ARM

3.50

3.44

0.37

0.48

Increased

 
The adjustable-rate mortgage (ARM) share of activity increased to around seven 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

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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