Applications up, refis post gains

by MPA17 Apr 2014
Mortgage applications were up last week from the week prior, according to data released by the Mortgage Bankers Association.

The MBA’s Market Composite Index, which measures mortgage application volume, rose 4.3% on a seasonally adjusted basis last week. On an unadjusted basis, the index was up 5% from the week before. The Refinance Index rose 7%, and the seasonally adjusted Purchase Index was up 1%. On an unadjusted basis, the Purchase Index was up 2% from the week prior.

The refinance share of mortgage activity was also up last week, with refis accounting for 52% of total loan applications. That’s up from 51% the previous week. The adjustable-rate mortgage share held steady at 8%.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.47% last week from 4.56% the week before. The average rate for 30-year FRMs with jumbo loan balances dropped from 4.49% to 4.39%.

The average rate for 15-year FRMs fell to 3.54% from the previous week’s 3.62%.

The average rate for the 5/1 ARM dropped to 3.15% last week from the previous week’s average of 3/26%.
 

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?