Mortgage apps rise for the first time in weeks

by Ryan Smith12 Dec 2013
Mortgage applications were up last week for the first time in six weeks, according to data.

The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, was up 1% on the week ending Dec. 6 from the previous week on a seasonally adjusted basis. On an unadjusted basis, the index increased 43% from the previous week, according to MBA.

The seasonally adjusted purchase index was up 1% from the prior week and 3% from the week before Thanksgiving. On an unadjusted basis, the purchase index was up 37% from the previous week and 10% lower than the same time last year, according to MBA.

Refinances were also up. The refi share of mortgage activity was at 65% last week, up from the previous week’s 63%. The adjustable-rate mortgage share of activity was 8.1% of total applications last week, its highest level since 2008.

Interest rates continued to rise last week. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances was 4.61%, the highest since September. The average rate for 30-year FRMs with jumbo loan balances was 4.59%, also its highest level since September.
The average interest rate for 5/1 ARMs rose to 3.11% from the previous week’s 3.09%.



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