Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Mortgage application volume slips slightly

According to the Mortgage Bankers Association, the volume of mortgage applications fell slightly last week, but remain similar to levels of previous weeks.

mortgage trends

Mortgage applications fall for the week

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 25, 2012, mortgage application volume is down 1.3 percent from the week prior. The results do not include an adjustment for early closings on Friday prior to the Memorial Day holiday.

The Refinance Index decreased 1.5 percent from the week prior, and the Purchase Index fell 0.6 percent during the same period. The refinance share of mortgage activity was unchanged at 76.6 percent of total applications.

The MBA reports that mortgage rates fell to a new survey low, and the adjustable-rate mortgage (ARM) share of activity decreased to 4.9 percent from 5.0 percent of total applications from the previous week.

Current interest rates

According to the MBA, the average contract interest rates hit new lows:

Advertisement. Scroll to continue reading.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.91 percent, the lowest rate in the history of the survey, from 3.93 percent, with points increasing to 0.46 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.23 percent from 4.25 percent, with points decreasing to 0.40 from 0.42 (including the origination fee) for 80 percent 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 3.70 percent, the lowest rate in the history of the survey, from 3.73 percent, with points increasing to 0.59 from 0.57 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.23 percent, the lowest rate in the history of the survey, from 3.26 percent, with points decreasing to 0.39 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 5/1 ARMs decreased to 2.77 percent, the lowest rate in the history of the survey, from 2.83 percent, with points decreasing to 0.38 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

1 Comment

1 Comment

  1. Texas payday loan

    August 25, 2012 at 1:21 am

    Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

Leave a Reply

Your email address will not be published.

AdBlocker Message

Our website is kept FREE to you by displaying online ads to our visitors. Please consider supporting us by disabling your ad blocker OR subscribing to our email newsletter: https://theamericangenius.com/get-american-genius-newsletter/

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.