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Mortgage Applications Decline 4.5% as Rates Hold Steady

Mortgage applications decreased 4.5 percent over the week last week with most of the decrease occurring among refinance applications, according to the latest survey from the ""Mortgage Bankers Association. (MBA)."":http://www.mbaa.org/default.htm


Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent.

Refinance applications continue to make up a majority of applications, taking an 81 percent share of total mortgage application activity for the week ending August 10.


However, this is a slight decline from the previous week. Adjustable-rate mortgages made up 4 percent of total applications for the week.

Mortgage rates teeter slightly with no major change from last week. In fact, most rates varied by no more than 0.01 percentage points.

The rate for a 30-year fixed-rate mortgage with a conforming loan balance remains steady at the previous week's rate of 3.76 percent, while points increased from 0.46 to 0.47.

Rates for both jumbo and FHA-backed 30-year fixed-rate loans decreased over the week.

The rate for 30-year fixed-rate jumbo loans decreased from 4.04 percent to 4.03 percent with points declining from 0.35 to 0.27.

Thirty-year fixed-rate FHA-backed loans decreased from 3.54 percent to 3.53 percent. Points remained steady at 0.49.

Fifteen-year fixed-rate loans and 5/1 ARMs experienced rate increases over the week.

The rate for 15-year fixed-rate loans rose from 3.08 percent to 3.12 percent. Points decreased from 0.41 to 0.40.

The rate for 5/1 ARMs increased from 2.72 percent to 2.73 percent with points declining from 0.4 to 0.36.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

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