Mortgage Applications - THE REAL ESTATE LIFE

April 11, 2012 Bloggies by 888LIFE980

Mortgage applications decreased 2.4% from one week earlier, according to data from the Mortgage Bankers Association?s (MBA) Weekly Mortgage Applications Survey for the week ending April 6, 2012. The Refinance Index decreased 3.1% from the previous week. The seasonally adjusted Purchase Index decreased 0.5% from one week earlier. The four week moving average for the seasonally adjusted Market Index is down 2.08%. The four week moving average is up 2.19% for the seasonally adjusted Purchase Index, while this average is down 3.45% for the Refinance Index. The refinance share of mortgage activity decreased for the eighth consecutive week to 70.5% of total applications from 71.2% the previous week. This is the lowest refinance share since July 29, 2011. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 5.5% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.10% from 4.16%, with points remaining unchanged at 0.43 (including the origination fee) for 80% loans. This is the lowest 30-year fixed rate since March 9, 2012. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.43% from 4.46%, with points decreasing to 0.36 from 0.49 (including the origination fee) for 80% loans. This is the lowest 30-year jumbo rate since March 9, 2012. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.87% from 3.89%, with points decreasing to 0.55 from 0.58 (including the origination fee) for 80% loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.37% from 3.40%, with points decreasing to 0.37 from 0.41 (including the origination fee) for 80% loans. The average contract interest rate for 5/1 ARMs decreased to 2.89% from 2.93%, with points increasing to 0.38 from 0.35 (including the origination fee) for 80% loans.

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