Research >> Economics
Purchase Apps up, Refi's up in Latest MBA Weekly Survey
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Mortgage applications increased 11.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 10, 2014. The previous week’s results included an adjustment for the New Year’s holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 11.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 61 percent compared with the previous week. The Refinance Index increased 11 percent from the previous week. The seasonally adjusted Purchase Index increased 12 percent from one week earlier, but is at a level similar to what was observed in mid-November 2013. The unadjusted Purchase Index increased 66 percent compared with the previous week and was 10 percent lower than the same week one year ago.
The refinance share of mortgage activity decreased to 62 percent of total applications from 63 percent the previous week, which is the lowest share observed since the end of September 2013. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.66 percent from 4.72 percent, with points increasing to 0.33 from 0.28 (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 $417,000) decreased to 4.58 percent from 4.66 percent, with points increasing to 0.24 from 0.12 (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 4.29 percent from 4.36 percent, with points increasing to 0.17 from 0.15 (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 3.72 percent from 3.77 percent, with points increasing to 0.37 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.28 percent from 3.33 percent, with points increasing to 0.47 from 0.44 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
Posted: January 15, 2014 Wednesday 07:00 AM