Dennis Norman
According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending September 3, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 6.3 percent from the week before. The four-week moving average of home purchase mortgage applications is up 1.3 percent for the period.
The Mortgage Refinancing index decreased 3.1 percent after hitting its highest level since May 1, 2009 the week before. The refinance share of mortgage applications decreased to 81.9 percent from 82.9.
Interest rates for the week ended September 3, 2010:
- 30 year fixed-rate mortgage interest rates increased to 4.50 percent from 4. percent, with fees decreasing to 0.96 percent from 1.34 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased to 4.00 percent from 3.88 percent, with fees decreasing to 0.87 percent from 1.45 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased to 7.00 percent from 6.95 percent, with fees decreasing to 0.21 percent from 0.23 percent on loans that are 80 percent of the value of the home.
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