by Calculated Risk on 4/17/2013 08:44:00 AM
Wednesday, April 17, 2013
MBA: Mortgage Applications Increase, Purchase Index highest since May 2010
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey
The Refinance Index increased 5 percent from the previous week and is at its highest level since mid-January of 2013. The seasonally adjusted Purchase Index increased 4 percent from one week earlier is at its highest level since May of 2010 and the adjusted Conventional Purchase Index increased 3 percent to the highest level since October 2009.
...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.67 percent from 3.68 percent, with points increasing to 0.50 from 0.43 (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 3.77 percent from 3.79 percent, with points decreasing to 0.27 from 0.36 (including the origination fee) for 80 percent LTV loans.
emphasis added
![Refinance Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtm2-05-CfQ4J9d2uBYxfivKP-dwxeDJ4oGiK5-T9vEcTtFdlP-9URLvV9U6sB0ZX-UEbiiFIRa_0NAJZ5ncnA1k4cnwCGQE0pf5fPBZEeT9BNao8lY03Uujiqa8j_xLSIu6zIFw/s320/MBARefiApril172013.jpg)
The first graph shows the refinance index.
There has been a sustained refinance boom for over a year.
However refinance activity will probably slow in 2013.
![Purchase Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqLH8xP5LuGF6F6E6PdNsjzBy05zO-9xMbP9d8MIb_Ik3O3k0Kkro54a-MMOWRDX2pggWv3DZcaQhg02UA9Z3g_RF_FzAWgo-Xo5Y4cHMSfUBPey6An5r33WHgeA6Ya6bM3KtOYQ/s320/MBAApril172013.jpg)