Industry News

Refis, home purchases slow in latest survey

Total home loan apps fall 1.6%, MBA finds

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Mortgage application volume dipped last week as interest rates moved within a narrow range, the Mortgage Bankers Association reported today. The MBA's market composite index, a measure of total home loan application volume, lost 1.6 percent on a seasonally adjusted basis from the week before, impacted by a 3.2 percent drop in the index that tracks refinancings. MBA reported that the purchase-loan index dipped slightly last week. Interest rates posted mixed movement in the survey as the average contract interest rate on 30-year fixed-rate mortgages last week rose to 6.16 percent from 6.15 percent one week earlier, the average 15-year fixed slipped from 5.79 percent to 5.77 percent, and the average rate on one-year adjustable-rate mortgages (ARMs) edged up from 5.93 percent to 5.94 percent. Points, or loan-processing fees expressed as a percent of the total loan amount, averaged 1.08 on the 30-year loans, 1.1 on the 15-year, and 0.9 on one-year ARMs -- compared with 1.05, 1.1 ...