After Two Weeks of Increases, Home Loan Applications Decrease 1.9 Percent Last Week
Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending March 12, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 1.9 percent from the week before and the four-week moving average for the index is up 1.1 percent.
I’m not sure why mortgage application activity dropped this week. With the home-buyer tax credit deadline drawing near, buyers seem to be scrambling to buy a home beforehand however no increase in buying activity is reflected in this weeks mortgage application numbers.
The next couple of weeks should tell us quite a bit about the market. If mortgage applications remain flat then I think that will show the impact of the home-buyer tax credit may have fizzled; it’s been out there a while aferall.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates continued the roller coaster ride with the 5.0 percent mark, this week dropping back down it 4.91 percent, down from 5.01 percent, with fees increasing to 1.30 percent from .92 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased slightly to 4.24 percent from 4.32 percent, with fees increasing to 1.27 percent from .88 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates decreased slightly to 6.75 percent from 6.80 percent with fees remaining unchanged at 0.30 percent for loans that are 80 percent of the value of the home.
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