Loan Demand Falls As Mortgage Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages jumped from 4.28 percent to 4.46 percent last week. Michael Fratantoni, MBA’s vice president of research and economics, said the rate increase was due to stronger economic data and uncertainty about the impact of the Federal Reserve’s latest purchase of Treasury securities. Because of the increase in mortgage rates, the Refinance Index dropped 16.5 percent and the Purchase Index was down 5.0 percent. More here and here.

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Home Loan Demand Up 5.8 Percent

According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, total loan application volume was up 5.8 percent last week, due to increases in both the Purchase and Refinance Index. The Purchase Index was up 5.5 percent, while the Refinance Index rose 6.0 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the increases in purchase applications over the last couple of weeks align with better than expected employment reports and data indicating some improvement in the economy’s growth prospects. The average contract interest rate for 30-year fixed-rate mortgages was unchanged from the week before at 4.28 percent. More here and here.

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Purchase Demand, Mortgage Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, applications for purchase loans rose 1.4 percent last week. Despite the gain in purchase demand, the Market Composite Index, which measures total loan application volume, fell 5.0 percent, due to a 6.4 percent drop in the Refinance Index. The average contract interest rate for 30-year fixed-rate mortgages was also up, rising to 4.28 percent from 4.25 percent the week before. More here.

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Demand Rises As Rates Fall

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages dropped to 4.25 percent last week from 4.34 percent the week before. The Market Composite Index, which measures total loan application volume, rose 3.2 percent, spurred by a 3.0 percent increase in the Refinance Index and a 3.9 percent jump in the Purchase Index. More here.

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Jobs and The Housing Recovery

Lawrence Yun, the National Association of Realtors’ chief economist, says job creation numbers are headed in the right direction and that, along with low mortgage rates, will be the key to bringing buyers back to the housing market.

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Mortgage Rates Up For 1st Time In Six Weeks

According to The Mortgage Bankers Association’s Weekly Application Survey, the average contract interest rate for 30-year fixed-rate mortgages increased to 4.34 percent last week from 4.21 percent the week before. It was the first rate increase in six weeks. The Refinance Index dropped 11.2 percent from the previous week and the Purchase Index fell 6.7 percent. The four week moving average for the Market Composite Index, which measures total loan application volume, is up 0.4 percent. More here and here.

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Refinance Activity Surges As Rates Fall

According to The Mortgage Bankers Association’s Weekly Applications Survey, the Refinance Index increased 21 percent last week after the average contract interest rate for a 30-year fixed-rate mortgage fell to 4.21 percent from 4.25 percent the week before. The Market Composite Index, which measures total loan application volume, was up 14.6 percent on a seasonally adjusted basis. Michael Fratantoni, MBA’s vice president of research and economics, said refinance applications are close to their highest level this year and, despite purchase activity remaining weak, demand for conventional purchase mortgages are at their highest level since the beginning of May. More here and here.

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Purchase Demand Up, Rates Down

According to The Mortgage Bankers Association’s Weekly Applications Survey, purchase demand reached its highest level since the expiration of the tax credit last week. The Purchase Index gained 9.3 percent due to a 17.2 percent increase in FHA applications and a 3.6 percent jump in conventional purchase applications. Jay Brinkmann, MBA’s chief economist, said the spike in FHA applications may have been driven by borrowers hoping to get applications in before new FHA requirements took effect October 4th. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.25 percent from 4.38 percent a week earlier. More here and here.

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Purchase Demand Up As Rates Hit New Low

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.38 percent from 4.44 percent the week before. That is the lowest rates have been since the weekly survey began in 1990. And though the Market Composite Index, which measures total loan volume, was down 0.8 percent, the Purchase Index rose 2.4 percent from a week earlier driven by a 4.5 percent increase in government purchase applications. More here and here.

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Mortgage Rates Near All-Time Lows

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.44 percent last week from 4.47 percent the week before. Despite rates near all-time lows, The Market Composite Index, which measures total mortgage loan application, was down 1.4 percent. Margaret Kelly, chief executive of RE/MAX, said she doesn’t believe the housing market will suffer another massive dip but feels it can’t fully recover without improvement in the jobs market. More here and here.

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