Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending April 16, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 10.1 percent from the week before. The four-week moving average of home purchase mortgage applications is up 2.0 percent.
The refinance share of mortgage applications increased slightly to 60.0 percent this week from 58.9 percent last week. The share of adjustable rate loans decreased slightly this week to 6.0 percent of all loans from 6.3 percent.
“Treasury rates fell last week causing a decline in mortgage rates. As a result, refinance applications picked up over the week, as some borrowers took advantage of this recent rate volatility to lock in a low fixed-rate loan,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Purchase applications continued to increase coming out of the Easter holiday, as we approach the end of the homebuyer tax credit, and are up modestly over last month.”
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates dropped for the second week in a row landing at 5.04 percent from 5.17 percent, with fees increasing to 0.98 percent from 0.91 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 4.34 percent from 4.45 percent, with fees increasing to 0.98 percent from 0.80 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates dereased to 6.95 percent from 7.02 percent with fees increasing slightly to 0.28 percent from 0.27 percent for loans that are 80 percent of the value of the home.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
