Dennis Norman
Home Loan Application Activity Index at 3rd Lowest Level Since June 2009
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending April 9, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 10.5 percent from the week after being at the highest level since October last week. The four-week moving average of home purchase mortgage applications is down 0.9 percent.
The refinance share of mortgage applications increased slightly to 58.9 percent this week, it’s lowest level since August 29, 2009. The share of adjustable rate loans increased slightly again this week to 6.3 percent of all loans from 6.2 percent.
“Applications for government mortgages dropped substantially last week, following the implementation of an increase in FHA mortgage insurance premiums,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Applications for conventional mortgages also dropped last week, with refinance application volume continuing to drop following last week’s jump in rates.”
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates dropped back to 5.17 percent from 5.31 percent, with fees increasing to 0.91 percent from 0.64 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 4.45 percent from 4.54 percent, with fees decreasing to 0.80 percent from 0.92 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates dereased to 7.02 percent from 7.03 percent with fees decreasing slightly to 0.27 percent from 0.29 percent for loans that are 80 percent of the value of the home.
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