PhotoAfter posting a modest gain a week earlier, applications for mortgages have again moved lower.

The Mortgage Bankers Association reports applications fell 1.8% in the week ending April 14. The results do not include an adjustment for the Good Friday holiday.

The Refinance Index inched up 0.2%, with the refinance share of mortgage activity rising to 42.4% of total applications from 41.6% a week earlier.

The FHA share of total applications moved to 11.0% from 10.7% the week before, the VA share slipped to 11.1% from 11.3% and the USDA share of total applications was unchanged at 1.0%.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($424,100 or less) was down six basis points -- from 4.28% to 4.22%, its lowest level since last November, with points decreasing to 0.35 from 0.38 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $424,100) fell to its lowest level since November -- 4.15%, from 4.24%, with points decreasing to 0.23 from 0.28 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs backed by the FHA dropped five basis points to 4.09%, with points increasing to 0.36 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 15-year FRMs slipped to 3.50%, its lowest level since November, from 3.51%, with points increasing to 0.41 from 0.35 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs was at its lowest level since November, falling to , 3.27%, from 3.33%, with points increasing to 0.26 from 0.17 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.                         

The survey covers over 75% of all U.S. retail residential mortgage applications.

 

 


Share your Comments