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Lending

Mortgage applications reverse decline, tick up 1.9%

After weeks of heavy declines activity picks up

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Mortgage applications halted their ongoing downward trend, with applications rising 1.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 4, 2014.

Last week, following a free-fall of 9.2% for the week ending June 20, MBA reported that applications continued their decline with a 0.2% decrease for the week ending June 27. This week’s results included an adjustment for the July 4th holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.9% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 19% compared with the previous week. 

The Refinance Index increased 0.4% from the previous week.  The seasonally adjusted Purchase Index increased 4% from one week earlier. The unadjusted Purchase Index decreased 17% compared with the previous week and was 10% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 52% of total applications from 53% the previous week. 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) increased to 4.32% from 4.28%, with points increasing to 0.16 from 0.14 (including the origination fee) for 80% loan-to-value ratio 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) decreased to 4.24% from 4.26%, with points increasing to 0.16 from 0.06 (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 4.02% from 3.99%, with points increasing to -0.03 from -0.33 (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 decreased to 3.40% from 3.42%, with points increasing to 0.22 from 0.16 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs increased to 3.24% from 3.21%, with points decreasing to 0.31 from 0.33 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

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