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Lending

Mortgage apps decline 1.2% week after big spike

MBA: Refis, purchase apps both down

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A week after a big spike of almost 10%, mortgage applications fell 1.2%, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending March 14, 2014.

The MBA’s measure of mortgage loan application volume fell 1.2% on a seasonally adjusted basis from the week ending March 7.

The refinance index decreased 1% from the previous week. The seasonally adjusted purchase index also decreased 1% from one week earlier.

The refinance share decreased for the sixth straight week to 56.5% of total applications, down from 57% the previous week. ARMS stayed the same share of activity at 8% of total applications.

The MBA said the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.5% from 4.52%, with points decreasing to 0.26 from 0.29 (including the origination fee) for 80% loan-to-value ratio 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 4.39% from 4.41%, with points decreasing to 0.19 from 0.20 (including the origination fee) for 80% LTV loans.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.13% from 4.18%, with points decreasing to 0.18 from 0.21 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.52% from 3.53%, with points decreasing to 0.25 from 0.28 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.09% from 3.18%, with points increasing to 0.38 from 0.36 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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