Tag Archive for mortgage bankers association

Mortgage Rates Rise For First Time In Weeks

February 20, 2014 Housing Market Comments Off on Mortgage Rates Rise For First Time In Weeks

After five consecutive weeks of declines, the average contract interest rate for 30-year fixed-rate mortgages moved up last week from the week before. According to the Mortgage Bankers Association’s Weekly Application Survey – which covers 75 percent of all U.S. retail residential mortgage applications – rates rose on conforming loan balances, jumbo loans, and mortgages backed by the FHA. The rate increase coincided with a 4.1 percent drop in total mortgage application volume, due in part to a 6 percent decrease in the Purchase Index, which hit its lowest level in three years. The Refinance Index also fell, dropping 3 percent from the previous week and bringing the refinance share of total mortgage activity down to 61 percent from 62 percent the week before. The Mortgage Bankers Association’s survey has been conducted weekly since 1990. More here.

Mortgage Credit Availability Rises In December

January 13, 2014 Housing Market Comments Off on Mortgage Credit Availability Rises In December

The Mortgage Credit Availability Index is a report from the Mortgage Bankers Association that calculates the availability of mortgage credit based on factors related to borrower eligibility, including credit score and loan type. In December, the index increased slightly, moving up 0.6 percent to 110.9 from 110.2 the month before. A decrease in the index indicates lending standards are tightening, while any increase indicates that credit is becoming more available. Benchmarked in March 2012 at 100, the index would have been at nearly 800 if it had been tracked in 2007, before the housing crisis when credit was much more readily available. The Mortgage Credit Availability Index is the only standardized quantitative index focused solely on mortgage credit. More here.

Average Mortgage Rate Dips, Refinance Demand Surges

September 19, 2013 Uncategorized Comments Off on Average Mortgage Rate Dips, Refinance Demand Surges

A drop in the average contract interest rate for 30-year fixed-rate mortgages caused an 11.2 percent spike in demand for mortgage applications last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The increase was due, in part, to an 18 percent surge in the Refinance Index and a 3 percent jump in the seasonally adjusted Purchase Index. The previous week saw a 13.5 percent drop in overall demand for mortgage applications, despite an adjustment for the Labor Day holiday. Last week’s recovery brought demand back to nearly the same level as before the holiday. More here and here.