Mortgage Applications Go Up Driven by Refinance

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The applications for mortgage loans in the United States rose by 7.3% in the week ended December 5th 2014. This is revealed by the data in the Weekly Mortgage Applications Survey of the Mortgage Bankers Association.

The seasonally adjusted Market Composite Index produced by the MBA increased by 7.3% from the previous week. On an unadjusted basis, the increase was over seven times higher. It was 52%.
The applications for mortgage refinance went up by 13% from the week before. The applications for home purchase loans also rose, but they experienced a much smaller increase. It was 1% on a seasonally adjusted basis. The unadjusted Purchase Index moved up by 37% from the previous week. Despite the considerable increase, the index remained 4% below its level of the same week one year ago.

The share of applications for mortgage refinance in the total volume of applications marked an increase of 4%. It rose to 64% from 60% during the previous week.

Refinance at
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The share of applications for FHA loans in the total volume of applications dropped to 9% from 9.3% one week earlier. The share of VA loan applications increased to 9.6% from 9.4%. The share of USDA loan application retained its previous week’s level of 0.8%.

The average contract rate on a 30-year fixed-rate conforming mortgage increased in the week ended December 5th according to the MBA’s report. It rose to 4.11% from 4.08% in the previous week. The average contract rate on a jumbo loan with a fixed rate and the same term moved in the opposite direction. It dropped to 4.07% from 4.11% in the week before.

The average rate on a 30-year FHA loan experienced an increase. It went up to 3.87% from 3.85% one week earlier. The average contract interest rated on a fixed-rate mortgage with a 15-year term rose to 3.35% from 3.30% in the week before.

Jessie

Jessie

Jessie Jessie is a corporate communications and public relations professional skilled in media relations, strategic communications, crisis and issues management, writing and editing. She excels in managing multiple, high-priority tasks and working in high-stakes environments. Jessie has more than 10 years experience writing editing both print and online content. She is a graduate of Illinois State University with a Masters degree in English and writing.

Contact: jessie@mortgage.info
Jessie

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