|Title: ||Mortgage Applications Decrease in Latest MBA Weekly Survey|
WASHINGTON, D.C. (April 3, 2013) — Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s
(MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2013.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0 percent on a seasonally adjusted
basis from one week earlier. On an unadjusted basis, the Index also decreased 4 percent compared with the previous week.
The Refinance Index decreased 6 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent
from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 4 percent
higher than the same week one year ago.
“Total purchase applications increased last week, due to an almost 7 percent increase in purchase applications for government
loans. This was likely driven by borrowers applying for loans prior to the scheduled increase in FHA premiums that took effect
on April 1,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “On a year over year basis, purchase applications
are up about 4 percent, in line with the trend we are seeing in home sales volumes.”
The refinance share of mortgage activity decreased to 74 percent of total applications from 75 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity remained constant at 5 percent of total applications. The HARP share
of refinance applications decreased to 28 percent from 29 percent the prior week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased
to 3.76 percent from 3.79 percent, with points decreasing to 0.43 from 0.44 (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) decreased
to 3.85 percent from 3.90 percent, with points decreasing to 0.37 from 0.42 (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 3.48 percent from 3.51
percent, with points decreasing to 0.38 from 0.43 (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 2.99 percent from 3.02 percent, with points
decreasing to 0.36 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last
The average contract interest rate for 5/1 ARMs increased to 2.60 percent from 2.58 percent, with points unchanged at 0.32
(including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mortgagebankers.org/WeeklyApps, contact email@example.com or click here.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since
1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mba.org.