TitlePac
Title Whale
Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Mortgage Applications Decrease in Latest MBA Weekly Survey
press release, Mortgage Bankers Association
   

Mortgage applications decreased 2.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 12, 2021.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and was 31 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 6 percent lower than the same week one year ago.

"Refinance applications decreased for the seventh time in eight weeks, as mortgage rates moved higher after two weeks of declines. Activity has been particularly sensitive to rate movements, and last week's decline was driven by a drop in conventional and FHA refinance applications, which offset an increase in VA refinance applications. All mortgage rates in MBA's survey increased, with the 30-year fixed rate climbing to 3.2 percent." said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "Purchase applications increased for both conventional and government loan segments, as housing demand continues to show resiliency at a time - late fall - when home buying activity typically slows. The second straight increase in purchase applications suggests that stronger sales activity may continue in the weeks to come. Despite elevated demand, purchase applications were 5.7 percent lower than a year ago."

The refinance share of mortgage activity decreased to 62.9 percent of total applications from 63.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.2 percent of total applications.

The FHA share of total applications increased to 8.9 percent from 8.8 percent the week prior. The VA share of total applications increased to 10.8 percent from 10.2 percent the week prior. The USDA share of total applications remained unchanged from 0.5 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.20 percent from 3.16 percent, with points increasing to 0.43 from 0.34 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) remained unchanged at 3.26 percent, with points increasing to 0.39 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.23 percent from 3.18 percent, with points increasing to 0.41 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 2.56 percent from 2.52 percent, with points increasing to 0.36 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 2.89 percent from 2.82 percent, with points decreasing to 0.16 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.



to post a comment on this article: login - or - register



TexasFile
Directory

The Source of Title Business directory has 8820 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

A Reminder of Why Title Insurance is so Important
Source of Title Blog
2021/03/07
0 comments

How You Can Conduct a Closing in Your Office
Michele Blanco's Blog
2020/05/11
4 comments

Only allowing e-recording could be a BIG problem for us
Jeanine Johnson's Blog
2020/03/23
4 comments

Mortgage Connect
Forums

Source of Title's Forums are the place for title industry discussions.
Recent posts in the forums:



NAILTA
Classifieds

Buy, sell, or trade! Browse the ads or post your own!

ServiceLink Seeking SD,VT,KY Abstractors
November 09 2021
Highly qualified and skilled abstractors are needed in your area. We are expanding our network of independent, boots-on-the-ground abstractors for our Default Services Division. If you are a search and abstract vendor ready to take the next step in ...[more info]

email
© 2020, Source of Title.