by Bill McBride on 3/27/2013 08:31:00 AM
Wednesday, March 27, 2013
The Refinance Index increased 8 percent from the previous week. The seasonally adjusted Purchase Index increased 7 percent from one week earlier.Click on graph for larger image.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.79 percent from 3.82 percent, with points increasing to 0.44 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.90 percent from 3.95 percent, with points increasing to 0.42 from 0.36 (including the origination fee) for 80 percent LTV loans.
The first graph shows the refinance index.
There has been a sustained refinance boom for over a year.
Refinance activity will probably slow in 2013.
The second graph shows the MBA mortgage purchase index. The 4-week average of the purchase index has generally been trending up (slowly) over the last year.
Posted by Bill McBride on 3/27/2013 08:31:00 AM