Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
W S
Lending

Mortgage activity drops 3.3%

MBA survey finds refis, originations down

Stairs
/ Print / Reprints /
| Share More
/ Text Size+

After rising last week slightly to break a streak of  four weeks of straight declines, mortgage applications dropped 3.3%, according to the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending April 18.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week.

The Refinance Index decreased 4% from the previous week. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 18% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 51% of total applications from 52% the previous week. The adjustable-rate mortgage share of activity increased to 9% of total applications. The average loan size for purchase applications has reached its highest level in the history of the survey at $280,500, coinciding with the trend in rising purchase activity for larger loan amounts.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.49% from 4.47%, with points increasing to 0.50 from 0.32 (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 4.41% from 4.39%, with points increasing to 0.34 from 0.18 (including the origination fee) for 80% 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 4.20% from 4.14%, with points increasing to 0.41 from 0.06 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.55% from 3.54%, with points increasing to 0.33 from 0.24 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.16% from 3.15%, with points decreasing to 0.36 from 0.41 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

Recent Articles by Trey Garrison

Comments powered by Disqus