Interest Rates Increase Slightly; Home Loan Applications Rise Again This Week

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending April 23, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 7.4 percent from the week before. The four-week moving average of home purchase mortgage applications is up 1.6 percent.

The refinance share of mortgage applications decreased significantly to 55.7 percent this week from 60.0 percent last week. The share of adjustable rate loans remained unchanged at 6.0 percent of all loans.

“Purchase activity continues to increase as we approach the end of the homebuyer tax credit program,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Purchase applications were up almost 9 percent from a month ago, with a disproportionate share of the increase due to government purchase applications. Government applications for purchasing a home accounted for almost 49 percent of all purchase applications last week.”

Interest rates and fees for the week:

• 30 year fixed-rate mortgage interest rates increased slightly to 5.08 percent from 5.04 percent, with fees decreasing to 0.91 percent from 0.98 percent on loans that are 80 percent of the value of the home.
• 15 year fixed rate mortgage interest rates increased to 4.38 percent from 4.34 percent, with fees decreasing to 0.93 percent from 0.98 percent on loans that are 80 percent of the value of the home.
• One-year ARM interest rates increased to 7.03 percent from 6.95 percent with fees increasing slightly to 0.30 percent from 0.28 percent for loans that are 80 percent of the value of the home.

Tweet This Post

Related posts:

1. Interest Rates Drop Back Down Near 5 – Home Loan Applications Jump Dennis Norman The Mortgage Bankers Association (MBA) released its weekly...
2. Mortgage Interest Rates Recede as Do Home Loan Applications Dennis Norman Home Loan Application Activity Index at 3rd Lowest...
3. Mortgage interest rates drop slightly-Mortgage applications increase Home-buyers mortgage activity increases from week before…down from a month...
4. Home Loan Applications Increase As Buyers Race to Beat Tax Credit Deadline Homebuyer Tax Credit Extended Deadline is April 30, 2010 –...

Related posts brought to you by Yet Another Related Posts Plugin.