USA Mortgage Applications Slide Last Week

The number of applications for home mortgages fell last week. The MBA or Mortgage Bankers Association said its market composite index dropped 2.1% from the same time last week. The refinance index also dropped. That drop was close to 3%.

The MBA also said the average contract interest rate for 30 year fixed mortgages increased from 4.47% to 4.52%. The average contract interest rate for jumbo mortgages increased from 4.31% to 4.41%. The average contract interest rate for FHA loans increased from 4.14% to 4.18%. All of these statistics are compiled with confirming balances of $417,000 or less and with a 80% LTV (Loan To Value).

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The average 15 year fixed mortgage rates increased from 3.52% to 3.53% with points increasing to 0.28. The 5/1 arm interest rate mortgage also increased from 3.09% to 3.18%. All of the interest rates increased over the same period of time last week.

The most important statistic was the refinance share of total mortgage activity for last week. That number decreased to 57% from 58% for the previous week. That is the lowest level we have seen since early 2011.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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