Mortgage applications increased 9.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 20, 2015.
The Market Composite Index, a measure of mortgage loan application volume, increased 9.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9% compared with the previous week.
The Refinance Index increased 12% from the previous week. The seasonally adjusted Purchase Index increased 5% from one week earlier to its highest level since January 2015. The unadjusted Purchase Index increased 5% compared with the previous week and was 3% higher than the same week one year ago.
The refinance share of mortgage activity increased to 61% of total applications from 59% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8% of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.90%, its lowest level since February 2015, from 3.99%, with points decreasing to 0.37 from 0.40 (including the origination fee) for 80% loan-to-value ratio 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) decreased to 3.89%, its lowest level since January 2015, from 3.94%, with points decreasing to 0.25 from 0.33 (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 3.71%, its lowest level since January 2015, from 3.74%, with points increasing to 0.21 from 0.12 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
read more: http://www.housingwire.com/articles/33338-mortgage-applications-jump-95-in-mid-march
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