Home Loan Applications Fall

Once again, loan applications for home mortgage fell dramatically last week. According to the Mortgage Bankers Association, loan application volumes declined 14.9% on both a seasonally adjusted and an unadjusted basis.

According to MBA, the Refinance Index declined 16.6% from last week and the seasonally adjusted Home Finance Index was down 8.8% to the lowest level in the survey in fifteen years. Both conventional and government home financing activity dropped as well with the Conventional Purchase Index decreasing 11.0% and the Government Purchase Index 5.9 %.

Mortgage refinancing applications represented 77.6% of all applications for the week, down from 79.1% and the share of applications for adjustable-rate mortgages (ARM) was 5.8% compared to 6.0% the previous week. Purchase loan applications increased in the Pacific region by 7 basis points to 19.6% while falling in every other region.

Both actual and effective home mortgage rates rose during the week for all types of 80% loan-to-value loans. Average rates for conforming 30-year fixed-rate mortgages (FRM) increased to 4.33% from 4.25% and points, including the origination fee, increased to 0.48 from 0.47. Rates for 30-year mortgages with jumbo loan balances (over $417,500) increased from 4.59% to 4.64% with points decreasing from 0.49 to 0.45 point. FHA-backed 30-year FRM increased 6 basis points to 4.12% with points decreasing to 0.53 from 0.58.

Home Loan Type	Select Mortage Refinance Cash Out Refinance Home Equity New Home Purchase
State	Select Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Property Value	Select 70,000 - 80,000 80,000 - 90,000 90,000 - 100,000 100,000 - 110,000 110,000 - 120,000 120,000 - 130,000 130,000 - 140,000 140,000 - 150,000 150,000 - 160,000 160,000 - 170,000 170,000 - 180,000 180,000 - 190,000 190,000 - 200,000 200,000 - 210,000 210,000 - 220,000 220,000 - 230,000 230,000 - 240,000 240,000 - 250,000 250,000 - 260,000 260,000 - 270,000 270,000 - 280,000 280,000 - 290,000 290,000 - 300,000 300,000 - 310,000 310,000 - 320,000 320,000 - 330,000 330,000 - 340,000 340,000 - 350,000 350,000 - 360,000 360,000 - 370,000 370,000 - 380,000 380,000 - 390,000 390,000 - 400,000 400,000 - 410,000 410,000 - 420,000 420,000 - 430,000 430,000 - 440,000 440,000 - 450,000 450,000 - 460,000 460,000 - 470,000 470,000 - 480,000 480,000 - 490,000 490,000 - 500,000 500,000 - 510,000 510,000 - 520,000 520,000 - 530,000 530,000 - 540,000 540,000 - 550,000 550,000 - 560,000 560,000 - 570,000 570,000 - 580,000 580,000 - 590,000 590,000 - 600,000 600,000 - 610,000 610,000 - 620,000 620,000 - 630,000 630,000 - 640,000 640,000 - 650,000 650,000 - 660,000 660,000 - 670,000 670,000 - 680,000 680,000 - 690,000 690,000 - 700,000 700,000 - 710,000 710,000 - 720,000 720,000 - 730,000 730,000 - 740,000 740,000 - 750,000 750,000 - 760,000 760,000 - 770,000 770,000 - 780,000 780,000 - 790,000 790,000 - 800,000 800,000 - 810,000 810,000 - 820,000 820,000 - 830,000 830,000 - 840,000 840,000 - 850,000 850,000 - 860,000 860,000 - 870,000 870,000 - 880,000 880,000 - 890,000 890,000 - 900,000 900,000 - 910,000 910,000 - 920,000 920,000 - 930,000 930,000 - 940,000 940,000 - 950,000 950,000 - 960,000 960,000 - 970,000 970,000 - 980,000 980,000 - 990,000 990,000 - 1,000,000 1,000,000 - 1,010,000 1,010,000 - 1,020,000 1,020,000 - 1,030,000 1,030,000 - 1,040,000 1,040,000 - 1,050,000 1,050,000 - 1,060,000 1,060,000 - 1,070,000 1,070,000 - 1,080,000 1,080,000 - 1,090,000 1,090,000 - 1,100,000 1,100,000 - 1,110,000 1,110,000 - 1,120,000 1,120,000 - 1,130,000 1,130,000 - 1,140,000 1,140,000 - 1,150,000 1,150,000 - 1,160,000 1,160,000 - 1,170,000 1,170,000 - 1,180,000 1,180,000 - 1,190,000 1,190,000 - 1,200,000 1,200,000 - 1,210,000 1,210,000 - 1,220,000 1,220,000 - 1,230,000 1,230,000 - 1,240,000 1,240,000 - 1,250,000 1,250,000 - 1,260,000 1,260,000 - 1,270,000 1,270,000 - 1,280,000 1,280,000 - 1,290,000 1,290,000 - 1,300,000 1,300,000 - 1,310,000 1,310,000 - 1,320,000 1,320,000 - 1,330,000 1,330,000 - 1,340,000 1,340,000 - 1,350,000 1,350,000 - 1,360,000 1,360,000 - 1,370,000 1,370,000 - 1,380,000 1,380,000 - 1,390,000 1,390,000 - 1,400,000 1,400,000 - 1,410,000 1,410,000 - 1,420,000 1,420,000 - 1,430,000 1,430,000 - 1,440,000 1,440,000 - 1,450,000 1,450,000 - 1,460,000 1,460,000 - 1,470,000 1,470,000 - 1,480,000 1,480,000 - 1,490,000 1,490,000 - 1,500,000 Over 1,500,000
Mortgage Balance	Select 1st Time Buyer 70,000 - 80,000 80,000 - 90,000 90,000 - 100,000 100,000 - 110,000 110,000 - 120,000 120,000 - 130,000 130,000 - 140,000 140,000 - 150,000 150,000 - 160,000 160,000 - 170,000 170,000 - 180,000 180,000 - 190,000 190,000 - 200,000 200,000 - 210,000 210,000 - 220,000 220,000 - 230,000 230,000 - 240,000 240,000 - 250,000 250,000 - 260,000 260,000 - 270,000 270,000 - 280,000 280,000 - 290,000 290,000 - 300,000 300,000 - 310,000 310,000 - 320,000 320,000 - 330,000 330,000 - 340,000 340,000 - 350,000 350,000 - 360,000 360,000 - 370,000 370,000 - 380,000 380,000 - 390,000 390,000 - 400,000 400,000 - 410,000 410,000 - 420,000 420,000 - 430,000 430,000 - 440,000 440,000 - 450,000 450,000 - 460,000 460,000 - 470,000 470,000 - 480,000 480,000 - 490,000 490,000 - 500,000 500,000 - 510,000 510,000 - 520,000 520,000 - 530,000 530,000 - 540,000 540,000 - 550,000 550,000 - 560,000 560,000 - 570,000 570,000 - 580,000 580,000 - 590,000 590,000 - 600,000 600,000 - 610,000 610,000 - 620,000 620,000 - 630,000 630,000 - 640,000 640,000 - 650,000 650,000 - 660,000 660,000 - 670,000 670,000 - 680,000 680,000 - 690,000 690,000 - 700,000 700,000 - 710,000 710,000 - 720,000 720,000 - 730,000 730,000 - 740,000 740,000 - 750,000 750,000 - 760,000 760,000 - 770,000 770,000 - 780,000 780,000 - 790,000 790,000 - 800,000 800,000 - 810,000 810,000 - 820,000 820,000 - 830,000 830,000 - 840,000 840,000 - 850,000 850,000 - 860,000 860,000 - 870,000 870,000 - 880,000 880,000 - 890,000 890,000 - 900,000 900,000 - 910,000 910,000 - 920,000 920,000 - 930,000 930,000 - 940,000 940,000 - 950,000 950,000 - 960,000 960,000 - 970,000 970,000 - 980,000 980,000 - 990,000 990,000 - 1,000,000 1,000,000 - 1,010,000 1,010,000 - 1,020,000 1,020,000 - 1,030,000 1,030,000 - 1,040,000 1,040,000 - 1,050,000 1,050,000 - 1,060,000 1,060,000 - 1,070,000 1,070,000 - 1,080,000 1,080,000 - 1,090,000 1,090,000 - 1,100,000 1,100,000 - 1,110,000 1,110,000 - 1,120,000 1,120,000 - 1,130,000 1,130,000 - 1,140,000 1,140,000 - 1,150,000 1,150,000 - 1,160,000 1,160,000 - 1,170,000 1,170,000 - 1,180,000 1,180,000 - 1,190,000 1,190,000 - 1,200,000 1,200,000 - 1,210,000 1,210,000 - 1,220,000 1,220,000 - 1,230,000 1,230,000 - 1,240,000 1,240,000 - 1,250,000 1,250,000 - 1,260,000 1,260,000 - 1,270,000 1,270,000 - 1,280,000 1,280,000 - 1,290,000 1,290,000 - 1,300,000 1,300,000 - 1,310,000 1,310,000 - 1,320,000 1,320,000 - 1,330,000 1,330,000 - 1,340,000 1,340,000 - 1,350,000 1,350,000 - 1,360,000 1,360,000 - 1,370,000 1,370,000 - 1,380,000 1,380,000 - 1,390,000 1,390,000 - 1,400,000 1,400,000 - 1,410,000 1,410,000 - 1,420,000 1,420,000 - 1,430,000 1,430,000 - 1,440,000 1,440,000 - 1,450,000 1,450,000 - 1,460,000 1,460,000 - 1,470,000 1,470,000 - 1,480,000 1,480,000 - 1,490,000 1,490,000 - 1,500,000 Over 1,500,000
Credit Rating	Select Excellent Good Fair Poor
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