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Recent Survey by MBA Show an Increase in Mortgage Applications

by the zac team at Ponce Realty

Greetings neighbors,

There has been an increase in the amount of mortgage applications according to a recently released survey from the Mortgage Bankers Association (MBA). According to the survey which ended the week of July 30th, there was a 1.3% increase of the Market Composite Index which measures the volume of mortgage loan applications. This increase was on a seasonally adjusted basis from the previous week. When looking at an unadjusted basis there was a 1.4% increase when compared to the previous week.

The survey also reported a 1.3% increase in the refinance index when compared to the previous week. There was a 1.5% increase in the seasonally adjusted Purchase Index as well as 3.4% increase in government purchase applications which was said to have contributed to the increase of the Purchase Index for the third week in a row. In addition, the unadjusted Purchase Index showed a 1.5% increase when compared to the previous week.

As for the four week moving average for the seasonally adjusted Market Index there was a 0.3% increase. In addition, there was a 0.9% increase in the four week moving average for the seasonally adjusted Purchase Index, while this average is up 0.2% for the Refinance Index.

The survey went on to show that the refinance share of mortgage activity stayed flat with 78.0% of total applications from the week prior. Adjustable-rate mortgages actually decreased from the previous week's percentage of 5.7 to 5.4 of total applications.

In addition, the survey showed a decrease from 4.69% to 4.60% in the average contract interest rate for 30-year FRM's with an increase of points from 0.88 to 0.93 (including the origination fee) for 80 percent loan-to-value ratio loans.

There was a decrease to 4.03% from 4.12% in the average contract interest rate for 15-year FRM's with point increases from 0.83 to 1.01 (including the origination fee) for 80 percent LTV loans. This number marked the lowest ever recorded in MBA's survey.

Lastly, one-year ARM's average contract interest rate declined from 7.15% to 7.10% with points decreasing from 0.23 to 0.21 (including the origination fee) for 80 percent LTV loans.

MBA Reports Show a 6.7% Rise in Weekly Mortgage Applications

by the zac team at Ponce Realty

Greetings neighbors,

According to recent numbers from the Mortgage Bankers Association (MBA), the amount of weekly mortgage applications submitted for the week ending July 2nd rose 6.7%.

In addition, the amount of submitted applications for refinance increased to it's highest volume in over a year to 9.2%. This number hasn't been this high since May 2009. This rise in the interest of refinance has bumped the refi share of total applications to 78.7% from the previous week's number of 76.8%.

Even though the volumes of mortgage and refinance apps experienced a rise, there was a decrease in the amount of applications submitted for purchase mortgages which well 2%. This proved to be the 8th decline in the last nine weeks.

As for adjustable rate mortgages, the volume of applications also experienced a rise from the previous week's number of 4.7% to 5.4%.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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