Mortgage application volume way up
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2013, mortgage application volume jumped 4.8 percent from the week prior on a seasonally adjusted basis, and 5.0 percent on an unadjusted basis.
The Refinance Index increased 5 percent from the previous week and is at its highest level since mid-January of 2013. The seasonally adjusted Purchase Index increased 4 percent from one week earlier is at its highest level since May of 2010 and the adjusted Conventional Purchase Index increased 3 percent to the highest level since October 2009. The unadjusted Purchase Index increased 5 percent compared with the previous week and was 20 percent higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 75 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity was unchanged at 5 percent of total applications.
Contract interest rates
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.67 percent from 3.68 percent, with points increasing to 0.50 from 0.43 (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 3.77 percent from 3.79 percent, with points decreasing to 0.27 from 0.36 (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 3.37 percent from 3.43 percent, with points increasing to 0.55 from 0.52 (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 2.91 percent from 2.92 percent, with points remaining constant at 0.34 (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 2.57 percent from 2.58 percent, with points decreasing to 0.29 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
