Rise In Mortgage Application Filings

Purchase applications for 30-year FRM raised 1.7% as the FRM rate hit a new low. The market composite index released by the Mortgage Bankers Association shows the 1.7% increased along with the purchase index raising 3.4% on a seasonally adjusted basis, and a 5.4% increase on a seasonally adjusted conventional purchase index.

 

The refinance index raised 1.3% from the week before and conventional refinance index went up 1.8% while the government refinance index actually fell 2.3%. 72.1% of all mortgage activity over the week was refinancing, though still lower then the week before, at 72.6%.

 

Government purchase activity fell to 35.8% from the previous 37%, the lowest government purchase share since 3/27/2009. At the lowest rate recorded in the Mortgage Bankers Association, the interest rate average for 30-year FRM with conforming loan balances lowered to 4.01% from the previous 4.05%.

 

30-year FRM Jumbo loan balances average interest rate also decreased to 4.29% from 4.32%, while 30-year fixed rate mortgages backed by FHA showed and increase to 3.81% from 3.80%. the 15-year FRM contract rate showed a decrease to 3.29% from 3.31%.

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My name is Kyle Chezum. I'm a Marketing Associate here at Lender411com. If you have any questions, feel free to contact me. Thanks!.