FHFA announces 2016 conforming loan limits

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Game changer? Quicken Loans takes mortgage lending fully digital

Launches Rocket Mortgage

Google launches mortgage comparison tool with Zillow

LendingTree will also bring mortgages to Google
Lending / The Ticker

Mortgage apps barely move for second week in a row

house money
/ Print / Reprints /
| Share More
/ Text Size+

Mortgage applications posted little movement for the week ending Oct. 18, ticking up 0.6% from a week earlier, the Mortgage Bankers Association said Wednesday.

Refinancing activity declined a slight 1%, while the index measuring home purchases actually rose 1%, suggesting more buying than refinancing activity.

The refinance share of mortgage activity fell back after slowly rising the past couple weeks, falling to 65% of total applications.

"With the government shutdown behind us and interest rates remaining steady, look for mortgage activity, especially on the purchase side, to pick back up. Not to be overlooked, there are still millions of underwater homeowners who could benefit from refinancing through HARP and have yet to do so," Quicken Loans economist Bill Banfield said.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dipped to 4.39% from 4.46%.

Furthermore, the 30-year, FRM jumbo fell to 4.43% from 4.51%.

The average 30-year, FRM backed by the FHA dropped to 4.15% from 4.16%, and the 15-year, FRM increased to 3.51% from 3.53%.

The 30-year, FRM with a conforming loan balance, the jumbo loan and the 15-year, FRM all fell to the lowest level since June 2013. 

In addition, the 5/1 ARM stayed unchanged at 3.25%.

Recent Articles by Brena Swanson

Comments powered by Disqus