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Lending

Mortgage applications rise 3.6% for week

Refis hit 50% of total

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Mortgage applications rose 3.6% from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 9, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.6% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 7% from the previous week to its highest level since the week ending April 11, 2014. The seasonally adjusted Purchase Index decreased less than 1% from one week earlier.

The refinance share of mortgage activity increased to 50% of total applications from 49% the previous week. The adjustable-rate mortgage share of activity decreased to 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.39%, the lowest rate since November 2013, from 4.43%, with points increasing to 0.22 from 0.21 (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) remained unchanged at 4.29%, with points increasing to 0.16 from 0.14 (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 decreased to 4.09%, the lowest rate since November 2013, from 4.13%, with points decreasing to -0.17 from - 0.03 (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 3.48%, the lowest rate since November 2013, from 3.52%, with points decreasing to 0.12 from 0.22 (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 3.17% from 3.21%, with points decreasing to 0.24 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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