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 %.

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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.

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