Tag Archive for Refinance Index

Size Of Average Home Loan Breaks Record

April 24, 2014 Housing Market Comments Off on Size Of Average Home Loan Breaks Record

According to new data from the Mortgage Bankers Association’s Weekly Applications Survey, the size of the average loan to purchase a home has reached the highest level in the history of the survey. The average loan is now $280,500. This is due, in part, to the fact that interest rates on mortgages with jumbo balances are low by historical standards. In fact, they are even lower than rates on loans with conforming balances, which is not typically the case. But it is also consistent with a trend toward rising purchase activity for larger loan amounts, the release said. Also, the MBA’s survey found that overall demand for mortgage applications fell 3.3 percent last week. The Refinance Index was down 4 percent from the previous week and purchase activity dropped 3 percent. The decline follows a 4.3 percent increase in demand the week before. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.

Home Loan Demand Rises For 2nd Straight Week

April 3, 2014 Housing Market Comments Off on Home Loan Demand Rises For 2nd Straight Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes rose for the second consecutive week. The seasonally adjusted Purchase Index – which is an indicator of future home sales – was up 1 percent from the week before, providing further evidence of a shift from a refinance dominated market to one with increasing purchase activity. The Market Composite Index, which measures total mortgage application volume, fell 1.2 percent, however, due to a 3 percent drop in the Refinance Index. The refinance share of total mortgage activity was down for the eighth straight week, slipping to 53 percent of all applications. Mortgage rates, on the other hand, were largely unchanged. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances held steady, while jumbo loans and loans backed by the FHA saw a slight increase from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Demand Flat Despite Rate Dip

March 20, 2014 Housing Market Comments Off on Mortgage Demand Flat Despite Rate Dip

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell slightly last week across all loan categories, including 30 and 15-year fixed-rate loans, jumbo and conforming loans, and those backed by the Federal Housing Administration. Despite the drop, demand for loans to purchase homes was essentially flat, falling 1 percent from the week before. The Refinance Index also decreased 1 percent, contributing to a 1.2 percent drop in the Market Composite Index, which measures total mortgage loan application volume. Mortgage application demand has now fallen for two consecutive weeks following a 10 percent spike at the beginning of the month. The refinance share of total mortgage activity also fell, slipping to 56.5 percent from 57 percent the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.

Mortgage Rate Drop Boosts Demand

March 6, 2014 Housing Market Comments Off on Mortgage Rate Drop Boosts Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell last week. The drop in rates was the first following two consecutive weeks of increases and led to a 9.4 percent spike in total mortgage application demand, which includes both purchase and refinance activity. The seasonally adjusted Purchase Index, which is an indicator of future home sales, jumped 9 percent from one week earlier, while the Refinance Index rose 10 percent. The improvement puts purchase activity 6 percent higher than its level two weeks ago, though it still trails last year’s pace by 19 percent. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates Rise Again In Latest Survey

February 28, 2014 Housing Market Comments Off on Mortgage Rates Rise Again In Latest Survey

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages climbed slightly last week from the week before. It was the second consecutive week of mortgage rate increases, with the average rate up for conforming loan balances, jumbo loans, and mortgages backed by the FHA. The rise in rates coincided with an 8.5 percent decline in the Market Composite Index, which measures total mortgage loan application volume. The Refinance Index fell 11 percent, while the unadjusted Purchase Index was virtually unchanged from the previous week. Michael Fratantoni, MBA’s chief economist, said though demand for purchase applications was little changed, this is the time of year when a significant pickup in purchase activity would typically begin. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates, Purchase Demand Both Fall

February 13, 2014 Housing Market Comments Off on Mortgage Rates, Purchase Demand Both Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed rate mortgages fell again last week. It was the fifth consecutive week that mortgage rates have fallen. But despite declining rates, total mortgage loan application volume decreased, dropping 2 percent from the previous week due to a 5 percent dip in the Purchase Index. The Purchase Index, which measures loan requests to buy homes and is a leading indicator of home sales, is now 13 percent below the same week one year ago. Refinance activity, on the other hand, was little changed from the week before. The Refinance Index fell 0.2 percent and the refinance share of total mortgage activity remained unchanged at 62 percent. The MBA’s weekly survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Rates, Purchase Demand Both Fall

February 13, 2014 Housing Market Comments Off on Mortgage Rates, Purchase Demand Both Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed rate mortgages fell again last week. It was the fifth consecutive week that mortgage rates have fallen. But despite declining rates, total mortgage loan application volume decreased, dropping 2 percent from the previous week due to a 5 percent dip in the Purchase Index. The Purchase Index, which measures loan requests to buy homes and is a leading indicator of home sales, is now 13 percent below the same week one year ago. Refinance activity, on the other hand, was little changed from the week before. The Refinance Index fell 0.2 percent and the refinance share of total mortgage activity remained unchanged at 62 percent. The MBA’s weekly survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

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