Mortgage applications decreased 5.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 12, 2021.
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and was 51 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 15 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 69.3 percent of
total applications from 70.2 percent the previous week. The
adjustable-rate mortgage (ARM) share of activity increased to 2.4
percent of total applications.
The FHA share of total
applications decreased to 9.0 percent from 9.5 percent the week prior.
The VA share of total applications decreased to 13.2 percent from 13.3
percent the week prior. The USDA share of total applications remained
unchanged from 0.4 percent the week prior.
The average
contract interest rate for 30-year fixed-rate mortgages with conforming
loan balances ($548,250 or less) increased to 2.98 percent from 2.96
percent, with points increasing to 0.43 from 0.36 (including the
origination fee) for 80 percent 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 $548,250) remained unchanged at 3.11 percent, with points
increasing to 0.35 from 0.29 (including the origination fee) for 80
percent LTV loans. The effective rate increased from last week.
The
average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA decreased to 2.93 percent from 2.97 percent, with points
increasing to 0.37 from 0.36 (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 2.47 percent from 2.50 percent, with points increasing to
0.36 from 0.29 (including the origination fee) for 80 percent LTV loans.
The effective rate decreased from last week.
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