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Posts Tagged ‘loan balances’

Loan Apps fall as Rates Rise

March 13th, 2013 Comments off

According to originationnews, home loan applications followed by the Mortgage Bankers Association (MBA) fell 4.7 percent on a seasonally-adjusted basis, fed by a boost in employment figures that led to the 30-year fixed mortgage rate (FRM) reaching its highest level since August, 2012. The average for conforming 30-year FRMs rose from 3.7 percent last week to 3.81 percent, with loan balances of $417,500 or less. Federal Housing Administration (FHA)-backed 30-year loan rates rose from 3.47 percent to 3.53 percent. Fifteen-year average contract FRMs increased from 2.96 percent to 3.01 percent. As MHProNews has learned, refinance mortgage activity dropped to 76 percent from 77 percent the previous week, the lowest level in nine months.

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Mortgage Apps at Highest Level in 20 Months

January 16th, 2013 Comments off

NationalMortgageNews reports on a seasonally adjusted basis, purchase applications rose 13 percent over the week ending Jan. 4, but are up 47 percent on an unadjusted basis, their highest level since April 2011, according to the Mortgage Bankers Association (MBA). Noting home sales burgeoning in Calif. in Dec. because of concerns over the fiscal cliff, DataQuick says home sales in Southern Calif. are at their highest level in three years. As MHProNews understands, Calif. once had one of the higher foreclosure rates in the nation. The average contract interest rate for a 30-year fixed rate mortgage (FRM) with conforming loan balances stood at 3.61 percent, while the average for an FHA-insured loan of 30 years rose four basis points to 3.39 percent. The MBA also says a jumbo 30-year FRM rose ten basis points to 3.88 percent, while the 15-year jumbo remained steady at 2.88 percent.

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Interest is Up, so are Apps

January 10th, 2013 Comments off

According to originationnews, the Mortgage Bankers Association (MBA) says despite the interest rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balances having increased nine basis points to 3.61%, mortgage apps rose 11.7 percent for the week ending Jan. 4. This interest rate is the highest in two months. The average contract rate for a 30-year FHA-insured loan moved up one basis point to 3.35 percent. MHProNews has been informed while the Refinance Index rose by 12 percent, the seasonally-adjusted Purchase Index increased ten percent.

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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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