Mortgage Applications Slip Again This Week

Mortgage Applications Slip Again This Week

first_img Mortgage 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. November 11, 2015 596 Views Mortgage Applications Slip Again This Week ARMS Mortgage Applications Mortgage Bankers Association Purchase Mortgage Refinance 2015-11-11 Staff Writercenter_img Share in Daily Dose, Data, Featured, Government, Market Studies, Newslast_img read more