Industry NewsMortgage

Mortgage apps multiply

Real estate brief

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Mortgage applications grew 7.5 percent last week on a seasonally adjusted basis from the week before, boosted by a surge in purchase loans, the Mortgage Bankers Association reported today. The purchase-loan index component rose 10.5 percent Aug. 22-29, followed by a 2.1 percent increase in the refinance index, according to MBA. The government purchase index comprised largely of FHA loans jumped 19.9 percent. Despite the activity, both the refinance and adjustable-rate mortgage (ARM) shares of loan applications fell last week, to 34 percent and 6.6 percent, respectively. According to MBA, the average interest rate for 30-year fixed-rate mortgages dipped to 6.39 percent last week, with borrowers paying 1 point on average to attain that rate. For 15-year fixed-rate loans, the average rate gained to 5.96 percent with 1.03 points, while the average rate for one-year ARMs decreased to 7.11 percent with 0.35 point.Premiums and minimum down-payment requirements for Federal Housing A...