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Most recent market newsWednesday, April 11
Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 0.5 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to its lowest level since September 2008, 38.4 percent of total applications, from 38.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.3 percent of total applications. The FHA share of total applications increased to 11.0 percent from 10.1 percent the week prior. The VA share of total applications increased to 10.9 percent from 10.3 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.66 percent from 4.69 percent, with points increasing to 0.46 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.53 percent from 4.56 percent, with points increasing to 0.31 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.66 percent from 4.74 percent, with points increasing to 0.76 from 0.54 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.08 percent from 4.09 percent, with points increasing to 0.50 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs increased to its highest level since February 2011, 3.93 percent, from 3.87 percent, with points increasing to 0.60 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.Tuesday, April 10
The 30-year fixed mortgage rate is 4.30. The 15-year fixed mortgage rate is 3.70
Source: Bankrate
Monday, April 9
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The average rate you’ll pay for a 30-year fixed mortgage is 4.29 percent, an increase of 2 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.34 percent. The average 15-year fixed-mortgage rate is 3.68 percent, down 1 basis point from a week ago.
Source: Bankrate
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