Home >> News >> Data >> Mortgage Applications Fall 2.5% as Refinances Steady: MBA
Print This Post Print This Post

Mortgage Applications Fall 2.5% as Refinances Steady: MBA

Mortgage applications fell 2.5 percent last week, according to the ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm.

[IMAGE] [COLUMN_BREAK]

The trade group found application volume declining by 3 percent on a seasonally unadjusted basis. Purchases fell 0.8 percent from the week before and 3 percent on a seasonally unadjusted basis.

The refinance share of mortgage activity stayed the same from last week, hovering at 79 percent, with the adjustable-rate mortgage share of activity ticking up to 5 percent of total volume.

Interest rates for fixed-rate mortgages by and large fell with volume. Thirty-year fixed-rate mortgages priced at $417,500 or less declined to 3.78 percent, while interest rates for those home loans valued at more than $417,500 fell to 4.05 percent.

The same rates for 30-year fixed-rate mortgages backed by the Federal Housing Administration fell to 3.54 percent, down from 3.60 percent, just as those for 15-year home loans climbed down from 3.12 percent to 3.10 percent.

Average contract interest rates for 5-year and 1-year adjustable-rate mortgages stepped down to 2.64 percent from 2.68 percent last week.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
x

Check Also

Underwriting

Nationwide Loan-Quality Data for Early 2020 Released

ACES Quality Management (ACES), a provider of management software for the financial services industry, this ...

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.