Welcome!

Wednesday, February 24, 2021

Mortgage applications falls on higher rates

Mortgage applications decreased 11.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 19, 2021. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 11.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index decreased 11 percent from the previous week and was 50 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 12 percent from one week earlier. The unadjusted Purchase Index decreased 8 percent compared with the previous week and was 7 percent higher than the same week one year ago.  

The refinance share of mortgage activity decreased to 68.5 percent of total applications from 69.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.7 percent of total applications.

The FHA share of total applications increased to 11.2 percent from 9.0 percent the week prior. The VA share of total applications decreased to 11.9 percent from 13.2 percent the week prior. The USDA share of total applications decreased to 0.3 percent 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 3.08 percent from 2.98 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 increased from last week.  

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.23 percent from 3.11 percent, with points increasing to 0.43 from 0.35 (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 increased to 3.00 percent from 2.93 percent, with points decreasing to 0.33 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.  

The average contract interest rate for 15-year fixed-rate mortgages increased to 2.56 percent from 2.47 percent, with points increasing to 0.40 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

No comments:

Post a Comment

Legal Shield

Pre-Paid Legal