Ocwen Chairman Erbey resigns as company admits misconduct

Ocwen Chairman Erbey resigns as company admits misconduct

Company to pay $150 million to homeowners

Existing home sales collapse 6.1% in November

Tumble comes amid record low declining rates, prices

Monday Morning Cup of Coffee: Oil’s crash will impact MBS market

Mortgage fraud is still a problem, plus the gift of housing metrics
W S
Lending

Mortgage applications continue downward heading

Apps down 5.9%, refis down 7%

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

Mortgage applications fell 5.9% from one week earlier, according to the Mortgage Bankers Association’s weekly survey of mortgage applications for the week ending April 25, 2014.

Applications perked up last week by 4.3%, breaking a four-week streak of declines.

The Market Composite Index, a measure of mortgage loan application volume, fell 5.9% on a seasonally adjusted basis from one week earlier.

The Refinance Index decreased 7% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier.

“Both purchase and refinance application activity fell last week, and the market composite index is at its lowest level since December 2000,” said Mike Fratantoni, MBA’s chief economist. “Purchase applications decreased 4% over the week, and were 21% lower than a year ago. Refinance activity also continued to slide despite a 30-year fixed rate that was unchanged from the previous week. The refinance index dropped 7% to the lowest level since 2008, continuing the declining trend that we have seen since May 2013.”

The refinance share of mortgage activity decreased to 50% of total applications from 51% the previous week. The refinance share is at its lowest level since July 2009. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.49%, with points decreasing to 0.38 from 0.50 (including the origination fee) for 80% loan-to-value ratio (LTV) 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 4.37% from 4.41%, with points decreasing to 0.14 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.17% from 4.20%, with points decreasing to 0.10 from 0.41 (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 3.53% from 3.55%, with points decreasing to 0.31 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

Recent Articles by Trey Garrison

Comments powered by Disqus