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Lending

Mortgage applications drop 3% despite lowest mortgage rates in a year

Refi share rises to 53% as interest rates drop for all products

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Mortgage applications decreased 3.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 30, 2014. 

This week’s results include an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.1% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 14% compared with the previous week. 

“Despite interest rates being near 12 month lows, the path to homeownership has been on hold for many potential buyers because of the lack of home inventory,” said Quicken Loans vice president Bill Banfield. “Even though the positive trend of rising home prices persists, many homeowners are still waiting to sell. The recovery will stay largely paused until homeowners gain confidence in the market and decide to list their home.”

The Refinance Index decreased 3% from the previous week. 

The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 15% compared with the previous week and was 17% lower than the same week one year ago.

The refinance share of mortgage activity increased to 53% of total applications from 52% the previous week.  The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8% of total applications. 

Interest rates for most products fell to their lowest levels in close to a year.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.26% from 4.31%, with points decreasing to 0.13 from  0.15 (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 4.22% from 4.23%, with points decreasing to 0.11 from 0.16 (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 3.99% from 4.04%, with points decreasing to -0.46 from -0.45 (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 3.39% from 3.42%, with points increasing to 0.07 from 0.06 (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 3.11% from 3.13%, with points decreasing to 0.05 from 0.19 (including the origination fee) for 80% LTV loans.  The effective rate decreased from last week. 

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