Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbo

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.


MBA: Mortgage applications fall despite record low interest rates

Moves back to its previous downward trend

Mortgage applications went back to its previous downward trend and declined 2.4% from one week earlier despite record low interest rates, according to the most recent data from the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending June 10, 2016.

Although last week’s report posted the first rise in awhile for applications, it did include an adjustment for the Memorial Day holiday.

Broken up, the Refinance Index decreased 1% from the previous week, as the Purchase Index decreased 5% from one week earlier.

As a whole, the refinance share of mortgage activity increased out of the low 50s, rising to 55.3% of total applications from 53.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.3% of total applications.

The Federal Housing Administration share of total applications fell to 11.8% from 13% the week prior, as the Veteran Affairs share of total applications slightly dipped to 11.1% from 11.5% the week prior. After staying the same spot for awhile, the United States Department of Agriculture share of total applications decreased to 0.6% from 0.7% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) declined to 3.79% from 3.83%, marking its lowest level since January 2015.

Falling to the lowest level since May 2016, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.75% from 3.81%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to its lowest level since May 2013, 3.61%, from 3.71%.

Similarly, the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.06% from 3.11%, which is its lowest level since May 2016.

The average contract interest rate for 5/1 ARMs decreased to its lowest level since May 2015, 2.87%, from 2.96%.

Most Popular Articles

Mortgage forbearance drops to 4.36%, exits pick up steam

The downward trend of borrowers in forbearance picked up speed in the last week of April, falling 11 basis points to 4.36% of servicers’ portfolio volume.

May 10, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please