by Calculated Risk on 5/15/2013 08:18:00 AM
Wednesday, May 15, 2013
MBA: Mortgage Applications Decrease in Weekly Survey
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
The Refinance Index decreased 8 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier.
...
After declining for seven weeks straight, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.67 percent from 3.59 percent,with points increasing to 0.41 from 0.33 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. This rate is at its highest level since the week ending April 12, 2013.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 3.87 percent from 3.79 percent, with points increasing to 0.25 from 0.20 (including the origination fee) for 80 percent LTV loans.
emphasis added
![Purchase Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgp4EBgpdT6HY85sezFQm0yQ9xa5UjzL-AA5BKdzde5fAds6T9dQ7bhapcr-FXqT6L9KmKtoZ1g8xzNu1NShzq-toDu9xse_0cF-Xqyjan6_L-KCARgYaEhuFYYJIEecqxVSLt89A/s320/MBARefiMay152013.jpg)
The first graph shows the refinance index.
There has been a sustained refinance boom for over a year.
The decline this week offset the sharp increase last week.
![Refinance Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK6c9d2C5pIbVVhioIoO4B7seisspKI0Qj14i8ovxug0e0bb6wdo9j4dja3YWAY2wBZHYlLjro8xB3rLGHUT6Obfp6uRLmZ2x1efpAS6QckTsJy8BQTHktALn12mG8iev5hqrSag/s320/MBAMay152013.jpg)