Looking back, the housing industry is totally Scrooged

Looking back, the housing industry is totally Scrooged

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Lending

Mortgage applications rise 2.4% as roller coaster continues

Refinance share of mortgages reaches four-month high

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Mortgage applications increased 2.4% from one week earlier, after a series of drops and a few peaks over the last few weeks, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 18, 2014.  

The Market Composite Index, a measure of mortgage loan application volume, increased 2.4% on a seasonally adjusted basis from one week earlier. 

The Refinance Index increased 4% from the previous week.  The seasonally adjusted Purchase Index increased 0.3% from one week earlier.

“Consumers took action on the lowest mortgage rates we’ve seen since the beginning of 2013,” said Quicken Loans vice president Bill Banfield. “The jump in application volume is a welcome change after a few sluggish weeks of mortgage activity.”

The refinance share of mortgage activity increased to 54.4% of total applications, the highest level since March 2014, from 53.6% 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) remained unchanged at 4.33%, with points increasing to 0.23 from 0.20 (including the origination fee) for 80% loan-to-value ratio loans.  The effective rate remained unchanged from last week. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.21%, the lowest level since May 2013, from 4.23%, with points decreasing to 0.20 from 0.26 (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 4.03% from 4.04%, with points increasing to 0.15 from 0.02 (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 3.47% from 3.41%, with points increasing to 0.28 from 0.23 (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 3.21% from 3.17%, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week. 

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