The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending July 20, 2012 -- was released July 25. The 30-year fixed rate has been below 4% since the week ending May 4, 2012.
- The Market Composite Index, a measure of mortgage loan application volume, increased 0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also increased 0.9% compared with the previous week.
- The Refinance Index increased 2% from the previous week to its highest level since April 19, 2009.
- The seasonally adjusted Purchase Index decreased 3% from one week earlier to its lowest level since June 22, 2012. The unadjusted Purchase Index decreased compared with the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 3.74%, the lowest rate in the history of the survey, with points decreasing to 0.43 from 0.45 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.07%, the lowest rate in the history of the survey, from 3.12%, with points decreasing to 0.45 from 0.48 (including the origination fee) for 80% LTV loans.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.