Mortgage Applications Flat over the Last Two Weeks

February 2nd, 2011
in econ_news

Econintersect: Mortgage applications are up w/e 28January2011 over the previous week shortened by the Martin Luther King holiday according to the Mortgage Bankers Association (MBA).

However, mortgage applications have been flat over the last two weeks. Michael Fratantoni, MBA's Vice President of Research and Economics stated:

"Applications increased this week relative to the holiday week.  Looking over the past two weeks, purchase applications are flat, and refinance applications are down about five percent."

Follow up:

If mortgage applications are flat, and refinances are down - then original mortgage applications are up.  Other information in the MBA press release:

The refinance share of mortgage activity decreased to 69.3 percent of total applications from 70.3 percent the previous week. This is the lowest refinance share observed in the survey since the week ending May 14, 2010. The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent from 5.2 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.81 percent from 4.80 percent, with points decreasing to 1.02 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.13 percent from 4.12 percent, with points decreasing to 1.01 from 1.26 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.


source: MBA

 









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.















 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved