Dennis Norman
After five consecutive weeks of decreases, the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending June 11, 2010 increased from the prior week. 7.3 percent. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 7.3 percent for the week.
The four-week moving average of home purchase mortgage applications is down 1.7 percent.
Refinance activity hits highest level since May 2009…
The Mortgage Refinancing index increased 21.1 percent, marking the highest this index has been since May 2009 as the refinance share of mortgage applications increased to 74.8 percent this week from 72.2 percent last week.
“Mortgage applications for home purchases increased last week, the first increase in over a month. Refinance applications also picked up significantly over the week,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “While it is clear that purchase applications in May dropped sharply as a result of the tax credit induced increase in applications in April, it is unclear whether we are seeing the beginnings of a rebound now.”
Interest rates for the week ended June 11, 2010:
- 30 year fixed-rate mortgage interest rates increased slightly to 4.82 percent from 4.83 percent, with fees decreasing to .89 percent from 1.02 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased slightly to 4.23 percent from 4.26 percent, with fees decreasing to 0.83 percent from 0.95 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased to 7.07 percent from 6.94 percent, with fees decreasing to 0.27 percent from 0.30 percent for loans that are 80 percent of the value of the home.
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