Mortgage Applications Continue Slide

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 4.8% in the group's seasonally adjusted composite index, compared with last week's decrease of 12%. Unadjusted, the composite index fell by 2%.

Applications for refinancing fell 6% (seasonally adjusted), while seasonally adjusted purchase applications increased by 1% from the previous week. Unadjusted, the purchase index fell 0.3%, compared with the previous week, and rose 6% compared with the same week a year ago.

The refinancing rate fell to 80% of total applications, down 1% from a week ago. About 96% of the applications were seeking fixed-rate loans, consistent with last week's reading.

The average contract interest rate for a conforming 30-year fixed-rate mortgage rose from 3.63% to 3.65%. The rate for a jumbo 30-year fixed-rate mortgage also rose, from 3.85% to 3.94%. The average interest rate for a 15-year fixed-rate mortgage decreased from 2.96% to 2.95%.

The contract interest rate for a 5/1 adjustable rate mortgage fell from 2.72% to 2.66%.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Banking & Finance, Housing
Read Full Story

Can't get enough personal finance tips?

Sign up for Finance Report by AOL and get everything from consumer news to money tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.