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Mortgage applications tick up for second week in a row

Refinance share grows again to 57%

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Mortgage applications increased 0.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 29, 2014.  

The Market Composite Index, a measure of mortgage loan application volume, increased 0.2% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1% compared with the previous week. 

“While the purchase application numbers are still below last year’s levels, much of the recent housing data has been encouraging,” said Quicken Loans Vice President Bill Banfield. “Geopolitical turmoil continues to keep rates historically low, as investors look for stability in bonds, leaving an opportunity for those looking to purchase or refinance.”

The Refinance Index increased 1% from the previous week.  The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 12% lower than the same week one year ago.

The refinance share of mortgage activity increased to 57% of total applications, the highest level since March 2014, from 56% the previous week.  The adjustable-rate mortgage share of activity decreased to 7.8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.25%, the lowest level since June 2013, from 4.28%, with points decreasing to 0.24 from 0.25 (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) remained unchanged at 4.22%, with points decreasing to 0.19 from 0.28 (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 Federal Housing Administration increased to 3.99% from 3.98%, with points decreasing to 0.03 from 0.13 (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 increased to 3.48% from 3.47%, with points decreasing to 0.30 from 0.34 (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 3.19% from 3.10%, with points decreasing to 0.45 from 0.52 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week. 

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