Wednesday, April 11, 2012

MBA: Mortgage Applications decrease, Rates decline slightly

by Bill McBride on 4/11/2012 08:29:00 AM

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

The Refinance Index decreased 3.1 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.5 percent from one week earlier. ... There was no adjustment made for Good Friday.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.10 percent from 4.16 percent, with points remaining unchanged at 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. This is the lowest 30-year fixed rate since March 9, 2012.
Yesterday, the FHFA acting director Ed DeMarco commented on HARP refinances:
"[M]any of the largest lenders are seeing tremendous homeowner interest [in HARP]. FHFA and the Enterprises expect the volume of HARP loans to increase in the very near future."

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