Home >> Daily Dose >> Mortgage Applications Slip Again This Week
Print This Post Print This Post

Mortgage Applications Slip Again This Week

applicationMortgage applications declined again for the week ending November 6, 2015. Data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed that mortgage loan application volume decreased 1.3 percent from last week on a seasonally adjusted basis.

On an unadjusted basis, the index decreased 2 percent.

According to the MBA, refinances fell 2 percent compared to last week. The seasonally adjusted Purchase Index increased 0.1 percent from one week earlier, while the unadjusted Purchase Index decreased 3 percent and was 18 percent higher than the same week one year ago.

The refinance share of mortgage activity rose from 59.7 percent the previous week to 59.8 percent of total applications this week, the report showed. Meanwhile, the adjustable-rate mortgage (ARM) share of activity decreased to 6.6 percent of total applications.

The report found that the Federal Housing Administration share of total applications increased to 14.1 percent from 13.2 percent the week prior. The U.S. Department of Veteran Affairs share of total applications decreased to 10.9 percent from 11.9 percent the week prior. The U.S. Department of Agriculture share of total applications was unchanged from last week at 0.7 percent.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.12 percent, its highest level since August 2015 when the rate was 4.01 percent, with points decreasing to 0.45 from 0.47 for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.35 percent, its highest level since August 2015, from 3.24 percent, with points decreasing to 0.35 from 0.37  for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.22 percent, its highest level since February 2015, from 3.12 percent, with points increasing to 0.28 from 0.25 for 80 percent LTV loans. The effective rate increased from last week.

Click here to view the full report.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
x

Check Also

Homeownership Remains ‘Historically’ Unaffordable in Most of U.S.

ATTOM has released its Q3 2022 U.S. Home Affordability Report showing that median-priced single-family homes ...