Mortgage applications decreased last week | Mt Kisco Real Estate

Mortgage applications decreased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 26, 2014.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week.  The Refinance Index decreased 0.3 percent from the previous week.  The seasonally adjusted Purchase Index remained unchanged from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 11 percent lower than the same week one year ago.  The seasonally adjusted conventional purchase index increased 1.3 percent to the highest level since July 2014.

The refinance share of mortgage activity remained unchanged at 56 percent of total applications from the previous week.  The adjustable-rate mortgage (ARM) share of activity decreased to 7.6 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.33 percent from 4.39 percent, with points decreasing to 0.31 from  0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.28 percent from 4.30 percent, with points decreasing to 0.15 from 0.22 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.07 percent from 4.08 percent, with points decreasing to 0.04 from 0.09 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.55 percent from 3.56 percent, with points remaining unchanged from 0.26 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

 

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http://www.mortgagebankers.org/NewsandMedia/PressCenter/89532.htm

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