AbstractorPro (Real Title Services)
Register
Log In
Forget your Password?

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


MBA Weekly Report: Mortgage Applications Decrease Over Two Week Holiday Period
press release
   

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the weeks ending December 23, 2011 and December 30, 2011.

Mortgage applications for the week ending December 30, 2011 decreased 3.7 percent from the week ending December 16, 2011 (two weeks prior), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The results include adjustments to account for the Christmas and New Year’s Day holidays. 

The Refinance Index decreased 1.9 percent compared to the week ending December 16, 2011. The seasonally adjusted Purchase Index decreased 9.7 percent compared with levels reported two weeks ago.

The Market Composite Index, a measure of total mortgage loan application volume was 39 percent higher in the last two weeks of 2011 than in the last two weeks of 2010, on a seasonally adjusted basis.

The refinance share of mortgage activity for the week ending December 30, 2011 increased  to 81.9 percent of total applications. This is the highest refinance share in 2011.

“Mortgage application activity declined over the last two weeks, even after adjusting for the typical seasonal decline in activity.  Refinance applications continue to account for the vast majority of total application volume, with the refinance share reaching its highest level in 2011.  As part of legislation to extend the payroll tax holiday, guarantee fees for loans purchased by the GSEs and mortgage insurance premiums for FHA loans will eventually increase.  Given the announced implementation of this change, we do not expect to see an impact on mortgage rates and application activity until at least February,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.

For the week ending 12/30/2011, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) was 4.07 percent, with points at 0.53 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  This was the lowest 30-year fixed rate in 2011.

For the week ending 12/30/2011, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) was 4.41 percent, with points at 0.44 (including the origination fee) for 80 percent LTV ratio loans.

For the week ending 12/30/2011, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA was 3.96 percent, with points at 0.71 (including the origination fee) for 80 percent LTV ratio loans.

For the week ending 12/30/2011, the average contract interest rate for 15-year fixed-rate mortgages was 3.37 percent, with points at 0.50 (including the origination fee) for 80 percent LTV loans.

For the week ending 12/30/2011, the average contract interest rate for 5/1 ARMs was 2.91 percent, with points at 0.48 (including the origination fee) for 80 percent LTV ratio loans.



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



Directory

The Source of Title Business directory has 8825 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:

Protecting Your Home: The Ins and Outs of Deed Theft and How to Shield Yourself
Security American's Blog
2024/03/21
0 comments

Exploring the Implications of Eliminating Mandatory Title Insurance
Security American's Blog
2024/03/11
0 comments

Be Ready - Will the Summer Surge be a 'short game'?
Denise Williams's Blog
2024/03/02
0 comments

Forums

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



Classifieds

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

© 2020, Source of Title.