Posted by OR on 6/8/11 10:00am
Msg #385475

Rate Lock Mortgage update on applications.

Mortgage applications decreased 4.0% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 27, 2011. The Refinance Index decreased 5.7% from the previous week. The seasonally adjusted Purchase Index was essentially unchanged from one week earlier. The four week moving average for the seasonally adjusted Market Index is up 3.0%. The four week moving average is up 1.1% for the seasonally adjusted Purchase Index, while this average is up 3.8% for the Refinance Index. The refinance share of mortgage activity decreased to 65.7% of total applications from 66.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.2% from 5.8% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.58% from 4.69%, with points increasing to 1.01 from 0.69 (including the origination fee) for 80% loans. The 30-year rate is the lowest since November 2010. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78%, with points increasing to 1.07 from 1.04 (including the origination fee) for 80% loans.