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

Mortgage applications increased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 17, 2020.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week and was 122 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 19 percent higher than the same week one year ago.

"Mortgage applications increased last week despite mixed results from the various rates tracked in MBA's survey. The average 30-year fixed rate mortgage rose slightly to 3.20 percent, but some creditworthy borrowers are being offered rates even below 3 percent. As a result, these low rates drove a 5 percent weekly gain in refinances and a robust 122 percent increase from a year ago," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "There continues to be strong homebuyer demand this summer, as home shoppers have returned to the market in many states. Purchase activity increased again last week and was up 19 percent compared to last year - the ninth straight week of year-over-year increases."

The refinance share of mortgage activity increased to 64.8 percent of total applications from 64.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 3.0 percent of total applications.

The FHA share of total applications decreased to 10.8 percent from 11.1 percent the week prior. The VA share of total applications decreased to 10.8 percent from 11.0 percent the week prior. The USDA share of total applications remained unchanged from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.20 percent from 3.19 percent, with points increasing to 0.35 from 0.33 (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 $510,400) decreased to 3.51 percent from 3.53 percent, with points remaining unchanged at 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.13 percent from 3.24 percent, with points remaining unchanged at 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 2.71 percent from 2.70 percent, with points increasing to 0.35 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 5/1 ARMs decreased to 2.89 percent from 3.00 percent, with points increasing to 0.12 from 0.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.



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