Mortgage Rate Drop to New Lows
Florida Mortgage Rates Drop to New Survey Lows
Mortgage applications decreased 1.3 percent from one week earlier according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 25 2012. This week's results do not include an adjustment for early closings on Friday before the Memorial Day holiday.
The Market Composite Index a measure of mortgage loan application volume decreased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis the Index decreased 1.6 percent compared with the previous week. The Refinance Index decreased 1.5 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.6 percent from one week earlier. The unadjusted Purchase Index decreased 1.8 percent compared with the previous week and was 3.9 percent lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 3.23 percent. The four week moving average is down 0.67 percent for the seasonally adjusted Purchase Index while this average is up 4.36 percent for the Refinance Index.
The refinance share of mortgage activity remained unchanged at 76.6 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9 percent from 5.0 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417500 or less) decreased to 3.91 percent the lowest rate in the history of the survey from 3.93 percent with points increasing to 0.46 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417500) decreased to 4.23 percent from 4.25 percent with points decreasing to 0.40 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.70 percent the lowest rate in the history of the survey from 3.73 percent with points increasing to 0.59 from 0.57 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.23 percent the lowest rate in the history of the survey from 3.26 percent with points decreasing to 0.39 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.77 percent the lowest rate in the history of the survey from 2.83 percent with points decreasing to 0.38 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
For more information visit www.mortgagebankers.org.
The Market Composite Index a measure of mortgage loan application volume decreased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis the Index decreased 1.6 percent compared with the previous week. The Refinance Index decreased 1.5 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.6 percent from one week earlier. The unadjusted Purchase Index decreased 1.8 percent compared with the previous week and was 3.9 percent lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 3.23 percent. The four week moving average is down 0.67 percent for the seasonally adjusted Purchase Index while this average is up 4.36 percent for the Refinance Index.
The refinance share of mortgage activity remained unchanged at 76.6 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9 percent from 5.0 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417500 or less) decreased to 3.91 percent the lowest rate in the history of the survey from 3.93 percent with points increasing to 0.46 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417500) decreased to 4.23 percent from 4.25 percent with points decreasing to 0.40 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.70 percent the lowest rate in the history of the survey from 3.73 percent with points increasing to 0.59 from 0.57 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.23 percent the lowest rate in the history of the survey from 3.26 percent with points decreasing to 0.39 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.77 percent the lowest rate in the history of the survey from 2.83 percent with points decreasing to 0.38 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
For more information visit www.mortgagebankers.org.
