Applications for purchase mortgages during the week ending Feb. 12 fell 18.4 percent from a year ago, the Mortgage Bankers Association said today in releasing the results of its Weekly Mortgage Applications Survey.
Overall loan application volume was down a seasonally adjusted 2.1 percent from the week before, with demand for purchase loans falling 4 percent week-over-week and applications for refinancings down 1.2 percent.
Requests for refinancings accounted for 69.3 percent of all loan applications, and 4.4 percent of applications were for adjustable-rate mortgage (ARM) loans, the MBA said.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 4.94 percent, with points increasing to 1.09 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.33 percent, with points increasing to 1.02 from 0.95 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.67 percent from 6.68 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans.
What’s your opinion? Leave your comments below or send a letter to the editor.