Mortgage applications fell 4.5% for the week ending Feb. 17 on lower refinance activity and fewer home purchases, an industry trade group said.
The Mortgage Bankers Association said its market composite index — a measure of mortgage application loan volume — fell 4.5% from the previous week, while the refinance index fell 4.8%.
In addition, the seasonally adjusted purchase index declined 2.9% from a week earlier.
The refinance share of mortgage activity also declined to 80.1% of total applications, down from 81.1% the previous week.
MBA says 57.2% of applications in January were for fixed-rate, 30-year loans, while 24.4% were for 15-year fixed loans and 5.5% for ARMs.
Meanwhile, the average contract interest rate for 30-year FRM’s with conforming loan balances of $417,500 or less grew from 4.08% a week earlier to 4.09% in the most recent report.
The average 30-year FRM jumbo loan grew from 4.30% to 4.32%, while the 30-year backed by the FHA remained unchanged at 3.87%.
The 15-year FRM increased to 3.38% from 3.33%.
The average contract interest rate for 5/1 ARMs also grew to 2.94% from 2.83%.
The author of this article is: Kerri Panchuk
See the original post at: http://www.housingwire.com/article/mortgage-applications-down-45-slower-home-sales-refinancings
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
