Continued Growth in Mortgage Applications

mortgage-rates

The Market Composite Index rose by 2.8% on a seasonally adjusted basis during the week ended August 22nd. This is a measure of the volume of mortgage applications made in the united states. The data is produced by the Weekly Mortgage Application Survey which is conducted by the Mortgage Bankers Association.

The Purchase Index, which indicates the volume of applications for home purchase loans, rose by 3% on a seasonally adjusted basis during the week. It was 11% lower during the same week of 2013. The Refinance Index, which reveals the number of applications for mortgage refinancing, rose by 3% on a seasonally adjusted basis.

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The share of applications for mortgage refinancing from the total share of applications was 56% during the week ended August 22nd. It rose from 55% during the previous week. It is currently at its highest level since the end of the first quarter of 2014.

The mortgage rates did not follow a unified trend during the week, according to the MBA’s Survey. The average contract rate for a 30-year fixed mortgage loan was 4.28%. It went down from 4.29% during the previous week.
The average contract interest rate on a 30-year fixed FHA loan was 3.98%. It marked a slight decline from 3.99% in the week before. Currently, it is at its lowest level since the end of the second quarter of 2013.

The average contract rate for a 30-year fixed jumbo loan, with balance over $417,000, rose to 4.22% during the week ended August 22nd from 4.18% in the week before. The average contract interest rate for a 25-year fixed mortgage was 3.47%. It climbed up from the previous week when it was 3.44%. The average interest rate for a 5-year adjustable rate mortgage loan stood at 3.10%. It did not undergo any increase or decrease during the week.

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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