Wednesday, April 25, 2012

MBA: Mortgage Purchase activity increased slightly, Refinance activity declined, Record Low Mortgage Rates

by Bill McBride on 4/25/2012 08:39:00 AM

Form the MBA: Mortgage Applications Decrease Despite Survey Low Rates in Latest MBA Weekly Survey

The Refinance Index decreased 5.6 percent from the previous week, with the Conventional Refinance Index decreasing by 6.1 percent and the Government Refinance Index decreasing by 2.1 percent. The seasonally adjusted Purchase Index increased 2.7 percent from one week earlier.
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The refinance share of mortgage activity decreased to 73.4 percent of total applications from 75.2 percent the previous week.
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.04 percent from 4.05 percent,with points decreasing to 0.40 from 0.45 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. This is the lowest 30-year fixed interest rate recorded in the history of the survey.
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The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.32 percent from 3.33 percent, while points remained unchanged at 0.41 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year fixed interest rate recorded in the history of the survey.

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