MBA survey reports mortgage applications decreased -8.5%

Washington D.C., United States, February 26th, 2014.- Mortgage applications decreased 8.5% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21, 2014.

 

The Market Composite Index, a measure of mortgage loan application volume, decreased on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier to the lowest level since 1995. The unadjusted Purchase Index increased 0.1 percent compared with the previous week and was 15 percent lower than the same week one year ago.

 

Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it” – Fratantoni, MBA’s Chief Economist

 

The refinance share of mortgage activity decreased to 58% of total applications, the lowest level since September 2013, from 61% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8% of total applications.

 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.53%, the highest rate since week ending January 17, 2014, from 4.50%, with points increasing to 0.31 from 0.26 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.47%, the highest rate since week ending January 24, 2014, from 4.45 percent, with points increasing to 0.13 from 0.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

 

Mexican Business Web via Mortgage Bankers Association

|
Suscríbase al Newsletter

Opina

*

 

genesis();