Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending April 30, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase), after increasing the during each of the last two weeks, increased a whopping 13.0 percent from the week before. The four-week moving average of home purchase mortgage applications is up 5.0 percent.
The refinance share of mortgage applications decreased significantly to 51.9 percent this week from 55.7 percent last week. The share of adjustable rate loans increased to 6.3 percent of all loans for the week, from 6.0 percent the week before.
“Purchase application activity continued to increase in the last week of the homebuyer tax credit program,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Purchase applications were up 13 percent over the previous week and almost 24 percent over the last month, driven by significant increases in both conventional and government purchase applications. We also saw the Government share of applications for purchasing a home increase to over 50 percent of all purchase applications last week, which is the highest in two decades.”
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates decreased slightly to 5.02 percent from 5.08 percent, with fees increasing to 0.92 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 4.38 percent, with fees decreasing to 0.80 percent from 0.93 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates remained unchanged at 7.03 percent with fees decreasing slightly to 0.28 percent from 0.30 percent for loans that are 80 percent of the value of the home.
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