Tag Archive for Refinance Index

Average Mortgage Rate Continues To Fall

February 6, 2014 Housing Market Comments Off on Average Mortgage Rate Continues To Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate declined last week for all loan products in the survey, including 30-year fixed-rate mortgages with both jumbo and conforming balances, 15-year mortgages, and those backed by the FHA. That marks the fourth consecutive week average mortgage rates have fallen. Despite the rate drops, however, overall demand for mortgage-loan applications was relatively flat, increasing just 0.4 percent. The Refinance Index was up 3 percent over the previous week while the seasonally adjusted Purchase Index – a leading indicator of home sales – fell 4 percent. The MBA’s survey covers more than 75 percent of U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Rates Fall To Lowest Level Since November

January 23, 2014 Housing Market Comments Off on Mortgage Rates Fall To Lowest Level Since November

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell last week, reaching its lowest level since November 2013. It was the second consecutive week of decreases after ending 2013 on an upward swing. The drop led to a 10 percent increase in the Refinance Index and a 4.7 percent gain in overall mortgage loan application volume. The refinance share of total mortgage activity was at its highest level in a month, improving to 64 percent from 62 percent the month before. The seasonally adjusted Purchase Index, on the other hand, decreased 4 percent from one week early and was 15 percent lower than the same week one year ago. The MBA’s survey covers 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Rates Hold Steady, Demand Rises

January 9, 2014 Housing Market Comments Off on Mortgage Rates Hold Steady, Demand Rises

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages was unchanged last week from the week before. Mortgage rates held steady for loans with both conforming and jumbo balances, while 15-year rates increased. Demand for loan applications, on the other hand, was up – rising 2.6 percent from the previous week. The Refinance Index spiked 5 percent – after falling 9 percent a week earlier – and the seasonally adjusted Purchase Index fell 1 percent. The results were adjusted to account for the New Year’s Day holiday. Also in the report, the refinance share of total mortgage activity remained at 63 percent from the week before. The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted since 1990. More here.

Mortgage Demand Stalls As Rates Rise

December 20, 2013 Housing Market Comments Off on Mortgage Demand Stalls As Rates Rise

The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all U.S. residential mortgage applications and is a measure of both refinancing and home purchase demand. According to the most recent release, total mortgage loan application volume fell by 5.5 percent last week from one week earlier. Both the Refinance Index and the Purchase Index fell 6 percent from the previous week. Mike Fratantoni, MBA’s vice president of research and economics, said the market index fell to its lowest level in more than a dozen years. According to Fratantoni, purchase and refinance demand dropped due to increasing interest rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances edged up last week, reaching its highest level since September. More here.

Refinancing Demand Hits Two-Month High

October 10, 2013 Housing Market Comments Off on Refinancing Demand Hits Two-Month High

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Refinance Index rose 2.5 percent last week, reaching its highest level since early August. The spike in refinancing activity is likely tied to decreases in the average mortgage rate after they hit highs for the year in September. In recent weeks, the average contract interest rate for 30-year fixed-rate mortgages has been falling and did again last week. The resulting increase in the Refinance Index pushed total mortgage application demand up 1.3 percent from one week earlier, despite a 1 percent dip in the Purchase Index. The MBA’s weekly survey covers more than 75 percent of U.S. residential mortgage applications. 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.

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