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Housing News

Mortgage application volume up 4.5% for the week

Mortgage application volume rose last week, marking a silver lining in the housing market as the sector begins its long march to recovery.

mortgage trends

mortgage application volume

Mortgage application volume on the rise

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012, which included an adjustment for the Thanksgiving holiday, mortgage applications rose 4.5 percent from the week prior. Not accounting for the holiday, volume actually rose 49.0 percent from the previous week.

On a seasonally adjusted basis, the Refinance Index increased 6.0 percent from the previous week, and the Purchase Index increased 0.1 percent from one week earlier. The unadjusted Purchase Index increased 36.0 percent compared with the previous week and was actually 0.1 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 83.0 percent of total applications from 81.0 percent the previous week, higher than it has been for most of 2012. The HARP share of refinance applications increased to 27.0 percent from 26.0 percent the prior week and the adjustable-rate mortgage (ARM) share of activity decreased to 3.0 percent of total applications.

Average contract rates

According to the MBA:

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  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.52 percent, matching the lowest rate in the history of the survey, from 3.53 percent, with points increasing to 0.41 from 0.40 (including the origination fee) for 80 percent loan-to-value ratio (LTV) 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 $417,500) increased to 3.79 percent from 3.75 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34 percent, matching the lowest rate in the history of the survey, from 3.36 percent, with points decreasing to 0.62 from 0.65 (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 2.86 percent, the lowest rate in the history of the survey, from 2.89 percent, with points decreasing to 0.27 from 0.35 (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 increased to 2.62 percent from 2.60 percent, with points increasing to 0.40 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased 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.

2 Comments

2 Comments

  1. Joe Loomer

    December 7, 2012 at 8:18 am

    Got any data on VA loans?  Suspect its very close to those FHA numbers….
     
    Navy Chief, Navy Pride
    GO NAVY BEAT ARMY!

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