Mortgage apps down, rates drop

by MPA19 Mar 2014
Mortgage applications were down last week, according to data from the Mortgage Bankers Association.

The MBA’s Market Composite Index, which measures loan application volume, dropped 1.2% last week on a seasonally adjusted basis. On an unadjusted basis, the index was down 1% from the previous week. The Refinance Index also dropped 1% last week from the week prior, and the seasonally adjusted Purchase Index dropped 1%.

The refinance share of mortgage activity was down for the sixth straight week, dropping to 56.5% of total applications from the previous week’s 57%. The adjustable-rate mortgage share held steady at 8% of total applications.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.50% last week from the previous week’s average rate of 4.52%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.39% from the previous week’s 4.41%.

The average rate for 5/1 ARMs fell to 3.09% last week from the previous week’s average rate of 3.18%.
 

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