Industry News

Home loan apps decline

Refis fare better than purchase loans in MBA survey

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Overall mortgage application activity subsided last week amid mixed interest rates, the Mortgage Bankers Association reported today in its weekly survey. The market composite index, a measure of home loan application volume, sank 0.8 percent, falling to 675.5 on a seasonally adjusted basis from 680.7 one week earlier. New purchase loans were down 1.4 percent from the previous week, while the index that tracks refinancings inched up slightly. Borrowing costs varied last week, with the average contract interest rate for 30-year fixed-rate mortgages rising to 6.13 percent from 6.1 percent, the 15-year fixed rate down from 5.82 percent to 5.81 percent, and the one-year adjustable-rate mortgage (ARM) sinking from 5.71 percent to 5.61 percent. Points, which are loan-processing fees expressed as a percent of the total loan amount, averaged 1.47 on the 30-year loans, 1.35 on the 15-year, and 1.13 on one-year ARMs. Statistics, which include the origination fee, are based on loan-to...