Wednesday, September 19, 2012

MBA: Mortgage Rates Drop to New Survey Lows



The Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending September 14, 2012 -- was released September 19.


Application Volume
 
  • The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 24% compared with the previous week, which included the Labor Day holiday.

  • The Refinance Index increased 1% from the previous week.

  • The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index increased 18% compared with the previous week and was 8% higher than the same week one year ago..


Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.72%, the lowest rate in the history of the survey.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.99% from 4.00%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.50%, matching the lowest rate in the history of the survey.


The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.03%, the lowest rate in the history of the survey.


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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.




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