The number of mortgage applications filed in America fell 10% during the week ending Nov. 11, an industry trade group said Wednesday. The Mortgage Bankers Association reported that its market composite index – a measure of loan application volume – dropped 10% from the previous week, while the refinance index fell 12.2% and the purchase index declined 2.3%. Refinancing activity declined to 77.3% of total applications, compared to 78.6% a week earlier. Meanwhile, the adjustable-rate mortgage share of activity rose to 6.1% from 5.8% of total applications. In October, 50.6% of mortgage applications among refinancing borrowers were for fixed-rate, 30-year loans. About 28.8% were for 15-year, fixed-loans and 6% were for ARMs. The average, 30-year fixed-rate mortgage with a conforming loan balance of $417,500 or less rose slightly to 4.23% from 4.22% a week earlier. Meanwhile, the contract interest rate for 30-year, FRM with jumbo loan balances declined to 4.56% from 4.57%. The average rate on 30-year, FHA-backed mortgages edged up a slight bit from 4.02% to 4.03%. The MBA noted that 5/1 ARMs remained steady at 3.01%. Write to Kerri Panchuk.
MBA applications decline 10%
Most Popular Articles
Latest Articles
Ginnie Mae denies majority of complaint in Texas Capital Bank lawsuit
Ginnie Mae admits only to core facts of the case, denying all allegations, “inferences, arguments, and legal conclusions” in the complaint.