Posts Tagged ‘jumbo loan’

As Mortgage Apps Edge Up, Rates Edge Down

February 6th, 2014 Comments off

A Mortgage Bankers Association (MBA) report says mortgage applications nudged up 0.4 percent for the week ending Jan. 31 from the previous week, while refinance mortgage activity remained at 62 percent of mortgage applications. While the refinance index grew 3% from the previous week, the purchase index declined 4% from one week earlier. In addition, as informs, the 30-year, fixed-rate mortgage (FRM) with a conforming loan balance fell to 4.47% from 4.52%, as the 30-year, FRM with a jumbo loan balance dropped to 4.42% from 4.47%. The Federal Housing Administration (FHA)-backed, 30-year FRM declined .06 percent to 4.12.

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Mortgage Apps Rise

December 5th, 2012 Comments off

According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured loan fell two basis points to 3.34 percent. Nationalmortgagenews tells MHProNews 30-year fixed rate mortgages (FRMs) with jumbo loan balances rose four points to 3.79 percent. Tracking the market since 1990, MBA’s survey covers 75 percent of the retail residential mortgage market.

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Low Interest Rate Spurs Interest

June 7th, 2012 Comments off

According to a Mortgage Bankers Association (MBA) survey, the average 30-year fixed-rate mortgage dropped to 3.87%, the lowest rate since MBA started the survey, while the 30-year fixed-rate jumbo loan (greater than $417,500) fell to 4.13%, also the lowest in the survey’s history. Meanwhile, says NationalMortgageNews, applications to refinance loans rose one percent to 78%, indicating the purchase money business remains tepid, as overall mortgage applications dropped nine percent week-to-week. Purchase money apps fell 13 percent during the same time frame. But because of the low interest rate, lenders are reporting a flood of phone calls and emails. was told by one lender a home refinance 30-year FRM application would require up to 90 days to process because of all the inquiries.

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