Refis Increase Slightly while Purchases Drop

WASHINGTON, D.C. (June 2, 2010) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 28, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.3 percent compared with the previous week.The Refinance Index increased 2.4 percent from the previous week. This was a smaller increase than in previous weeks, but was still the fourth consecutive weekly increase for the Refinance Index and it remains at its highest level since October 2009. The seasonally adjusted Purchase Index decreased 4.1 percent from one week earlier. The Purchase Index decreased for the fourth consecutive week and is currently at the lowest level since April 1997. The unadjusted Purchase Index decreased 5.2 percent compared with the previous week and was 16.8 percent lower than the same week one year ago.

“With another week of historically low mortgage rates, the trend from the prior three weeks continued, as refinance applications increased while purchase applications dropped.  Purchase applications are now almost 40 percent below their level four weeks ago, while the refinance share, at 74 percent, is at its highest level since December,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “In addition, the ARM share dropped last week to its lowest level since March of this year, as borrowers took the opportunity to lock in at historically low fixed mortgage rates.”

The four week moving average for the seasonally adjusted Market Index is up 3.5 percent.  The four week moving average is down 12.1 percent for the seasonally adjusted Purchase Index, while this average is up 11.5 percent for the Refinance Index.

The refinance share of mortgage activity increased to 73.8 percent of total applications from 72.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.2 percent from 6.0 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.83 percent from 4.80 percent, with points decreasing to 1.05 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  The effective rate also increased slightly from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.24 percent from 4.25 percent, with points increasing to 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week due to the increase in points.

The average contract interest rate for one-year ARMs increased to 6.96 percent from 6.83 percent, with points decreasing to 0.27 (including the origination fee) for 80 percent LTV loans.

Refis Surge While Purchases Drop This Week

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 7, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 3.4 percent compared with the previous week.The Refinance Index increased 14.8 percent from the previous week and the seasonally adjusted Purchase Index decreased 9.5 percent from one week earlier.  The unadjusted Purchase Index decreased 8.9 percent compared with the previous week and was 0.6 percent lower than the same week one year ago.

“The recent plunge in rates on US Treasury securities, due to a flight to quality as investors worldwide sought shelter from the Greek debt crisis, benefitted US mortgage borrowers last week. Rates on 30-year mortgages dropped to their lowest level since mid-March.  As a result, refinance applications for conventional loans jumped, hitting their highest level in six weeks,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “In contrast, purchase applications fell almost 10 percent in the first week following the expiration of the homebuyer tax credit, as the tax credit likely pulled some sales into April that would otherwise have occurred in May or later.”

The four week moving average for the seasonally adjusted Market Index is up 4.4 percent.  The four week moving average is up 4.5 percent for the seasonally adjusted Purchase Index, while this average is up 4.4 percent for the Refinance Index.

The refinance share of mortgage activity increased to 57.7 percent of total applications from 51.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.3 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.96 percent from 5.02 percent, with points decreasing to 0.91 from 0.92 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent, with points increasing to 0.81 from 0.80 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.

The average contract interest rate for one-year ARMs decreased to 6.86 percent from 7.03 percent, with points increasing to 0.35 from 0.28 (including the origination fee) for 80 percent LTV loans.

Fairway Independent Mortgage Corporation Rate Sheet Provided By John Engel

RATES STEADY 4.875%  FHA NO POINTS 5.25% FHA JUMBO PRICING GIVES YOUR CLIENT A 1% credit at Settlement.  BONDS are worse today, bias is towards locking for the SHORT & LONG Term.

John Engel April 28 Rate Sheet

John Engel

Fairway Independent Mortgage Corp.

6611 Jeffereson Street Suite 302

Haymarket Virginia 20169

703 283 2351

Northern Virginia Real Estate Times

Mortgage Apps & Refis Down - Purchases Up

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 23, 2010.  The Market Composite Index, a measure of2.9 perc mortgage loan application volume decreased ent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1.9 percent compared with the previous week.

The Refinance Index decreased 8.8 percent from the previous week, while the seasonally adjusted Purchase Index increased 7.4 percent from one week earlier and reached its highest level since October 2009.  The increase in the purchase index was driven largely by the government purchase index, which increased 11.9 percent from last week on a seasonally adjusted basis, while the conventional purchase index increased 3.5 percent from last week. The unadjusted Purchase Index increased 8.5 percent compared with the previous week and was 2.4 percent higher than the same week one year ago.

“Purchase activity continues to increase as we approach the end of the homebuyer tax credit program,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “Purchase applications were up almost 9 percent from a month ago, with a disproportionate share of the increase due to government purchase applications. Government applications for purchasing a home accounted for almost 49 percent of all purchase applications last week.”

The four week moving average for the seasonally adjusted Market Index is down 3.1 percent.  The four week moving average is up 1.6 percent for the seasonally adjusted Purchase Index, while this average is down 5.8 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 55.7 percent of total applications from 60.0 percent the previous week. The refinance share is at its lowest since August 2009. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 6.0 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.08 percent from 5.04 percent, with points decreasing to 0.91 from 0.98 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.38 percent from 4.34 percent, with points decreasing to 0.93 from 0.98 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 7.03 percent from 6.95 percent, with points increasing to 0.3 from 0.28 (including the origination fee) for 80 percent LTV loans.

]]> http://northernvirginiamortgageandloanprograms.northernvirginiarealestatetimes.com/2010/04/28/mortgage-apps-refis-down-purchases-up-this-week-april-23-2010/feed/ 0 http://northernvirginiamortgageandloanprograms.northernvirginiarealestatetimes.com/2010/04/21/mortgage-apps-refis-purchases-increased-this-week/ http://northernvirginiamortgageandloanprograms.northernvirginiarealestatetimes.com/2010/04/21/mortgage-apps-refis-purchases-increased-this-week/#comments Wed, 21 Apr 2010 14:50:25 +0000 Editor in Chief http://northernvirginiamortgageandloanprograms.northernvirginiarealestatetimes.com/?p=73

Mortgages Refis & Purchases All Up This Week

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 16, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 13.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 13.9 percent compared with the previous week.“Treasury rates fell last week causing a decline in mortgage rates.  As a result, refinance applications picked up over the week, as some borrowers took advantage of this recent rate volatility to lock in a low fixed-rate loan,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “Purchase applications continued to increase coming out of the Easter holiday, as we approach the end of the homebuyer tax credit, and are up modestly over last month.”

The Refinance Index increased 15.8 percent from the previous week and the seasonally adjusted Purchase Index increased 10.1 percent from one week earlier.  The unadjusted Purchase Index increased 11.0 percent compared with the previous week and was 5.2 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 3.1 percent.  The four week moving average is up 2.0 percent for the seasonally adjusted Purchase Index, while this average is down 5.9 percent for the Refinance Index.

The refinance share of mortgage activity increased to 60.0 percent of total applications from 58.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.0 percent from 6.3 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.04 percent from 5.17 percent, with points increasing to 0.98 from 0.91 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  The effective rate also decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.34 percent from 4.45 percent, with points increasing to 0.98 from 0.80 (including the origination fee) for 80 percent LTV loans.  The effective rate also decreased from last week.

The average contract interest rate for one-year ARMs decreased to 6.95 percent from 7.02 percent, with points increasing to 0.28 from 0.27 (including the origination fee) for 80 percent LTV loans.

Mortgage Apps & Refis Down Purchases Up This Week

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 2, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 11.0 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 10.5 percent compared with the previous week.“Mortgage rates jumped last week as the Federal Reserve completed their purchases of mortgage-backed securities,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “Refinance application volume dropped as mortgage rates reached their highest level since August 2009.  Purchase volume was essentially unchanged relative to the prior week going into the Easter weekend.”

The Refinance Index decreased 16.9 percent from the previous week and the seasonally adjusted Purchase Index increased 0.2 percent from one week earlier.  The unadjusted Purchase Index increased 0.5 percent compared with the previous week and was 18.1 percent lower than the same week one year ago. The government purchase index increased significantly for the third straight week and as a result, the government share of purchase applications increased to 49.9 percent, its highest level since February 1990 and the third highest level in the history of the data.

The four week moving average for the seasonally adjusted Market Index is down 3.8 percent.  The four week moving average is up 3.2 percent for the seasonally adjusted Purchase Index, while this average is down 6.9 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 58.7 percent of total applications from 63.2 percent the previous week, marking the lowest share observed in the survey since the week ending August 28, 2009. The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent from 5.2 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.31 percent from 5.04 percent, with points decreasing to 0.64 from 1.07 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the highest 30-year rate recorded in the survey since the first week of August 2009. The effective rate also increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.54 percent from 4.34 percent, with points decreasing to 0.92 from 0.98 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.

The average contract interest rate for one-year ARMs increased to 7.03 percent from 6.88 percent, with points decreasing to 0.29 from 0.31 (including the origination fee) for 80 percent LTV loans.

Northern Virginia Real Estate

Mortgage Apps Up Purchases Up & Refis Down This Week

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 26, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 1.5 percent compared with the previous week.

“Purchase applications have increased over the past month, and are now at their highest level since last October when many homebuyers were rushing to get loans closed before the expected expiration of the homebuyer tax credit,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “We may be seeing a similar pattern now, as the extended version of the tax credit ends next month.”

The Refinance Index decreased 1.3 percent from the previous week and the seasonally adjusted Purchase Index increased 6.8 percent from one week earlier.  This is the highest Purchase Index since the week ending October 30, 2009.  The unadjusted Purchase Index also increased 6.8 percent compared with the previous week and was 9.3 percent lower than the same week one year ago. While both conventional and government purchase indexes saw increases this week, the government purchase index and the government share of purchase applications are at their highest levels since October 2009. The government share of purchase applications is currently 47.2 percent.

The four week moving average for the seasonally adjusted Market Index is up 2.2 percent.  The four week moving average is up 5.4 percent for the seasonally adjusted Purchase Index, while this average is up 0.9 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 63.2 percent of total applications from 65.0 percent the previous week. This is the lowest refinance share recorded in the survey since the week ending October 23, 2009.  The adjustable-rate mortgage (ARM) share of activity increased to 5.2 percent from 4.8 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.04 percent from 5.01 percent, with points increasing to 1.07 from 0.76 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  The effective 30-year rate also increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent, with points increasing to 0.98 from 0.77 (including the origination fee) for 80 percent LTV loans.  The effective 15-year rate also slightly increased from last week.

The average contract interest rate for one-year ARMs increased to 6.88 percent from 6.75 percent, with points decreasing to 0.31 from 0.32 (including the origination fee) for 80 percent LTV loans.

Northern Virginia Real Estate Times

Follow Us On Facebook

Mortgage Apps & Refis Down This week Purchases Still Up This week

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 19, 2010. The Market Composite Index, a measure of mortgage loan application volume,  decreased 4.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 3.9 percent compared with the previous week.The Refinance Index decreased 7.1 percent from the previous week and the seasonally adjusted Purchase Index increased 2.7 percent from one week earlier.  The unadjusted Purchase Index increased 2.8 percent compared with the previous week and was 15.0 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 1.9 percent.  The four week moving average is up 3.6 percent for the seasonally adjusted Purchase Index, while this average is up 1.2 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 65.0 percent of total applications from 67.3 percent the previous week. This is the lowest refinance share observed in the survey since the week ending October 30, 2009.  The adjustable-rate mortgage (ARM) share of activity increased to 4.8 percent from 4.6 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.01 percent from 4.91 percent, with points decreasing to 0.76 from 1.30 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate was essentially unchanged from last week due to the significant decrease in points.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.33 percent from 4.24 percent, with points decreasing to 0.77 from 1.47 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week due to the significant decrease in points.

The average contract interest rate for one-year ARMs remained unchanged at 6.75 percent, with points increasing to 0.32 from 0.30 (including the origination fee) for 80 percent LTV loans.

Northern Virginia Real Estate Times

Follow Us On Facebook

Fairway Independent Mortgage Corporation Rate Sheet Provided By John Engel

RATES STEADY AT 4.75% FHA NO POINTS! FREE Appraisal with ALL New Submissions through April 30th. This is a savings of up to $450.00 for your clients.  Major branch changes to close your purchases faster.

Click here For John Engels Rate Sheet

Mortgage Apps Refis & Purchase Down For The Week of March 12 2010

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 12, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1.7 percent compared with the previous week.The Refinance Index decreased 1.7 percent from the previous week and the seasonally adjusted Purchase Index decreased 2.3 percent from one week earlier.  The unadjusted Purchase Index decreased 1.8 percent compared with the previous week and was 13.9 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 0.8 percent.  The four week moving average is up 1.1 percent for the seasonally adjusted Purchase Index, while this average is up 0.8 percent for the Refinance Index.

The refinance share of mortgage activity increased to 67.3 percent of total applications from 67.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.6 percent from 5.1 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.91 percent from 5.01 percent, with points increasing to 1.30 from 0.82 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  This is the lowest 30-year fixed-rate observed in the survey since mid-December of 2009, yet the effective rate was unchanged from last week due to the significant increase in points.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.24 percent from 4.32 percent, with points increasing to 1.47 from 0.88 (including the origination fee) for 80 percent LTV loans. This is the second time in the last three weeks that the contract 15-year fixed-rate has reached a record low in the survey.  However, the increase in points led to an increase in the effective rate from last week.

The average contract interest rate for one-year ARMs decreased to 6.75 percent from 6.80 percent, with points remaining unchanged at 0.30 (including the origination fee) for 80 percent LTV loans.

Northern Virginia Real Estate Times