Mortgage applications decrease nationwide

TRD New York /
Sep.September 07, 2011 08:49 AM

Mortgage applications decreased 4.9 percent nationwide for the week ending Sept. 2, according to weekly data from the Mortgage Bankers Association released today. Refinancings also decreased 6.3 percent from the previous week. 

The refinance share of mortgage activity decreased to 77.1 percent of total applications from 77.8 percent the previous week. The adjustable-rate mortgage share of activity remained at 7.1 of total applications.  

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.23 percent from 4.32 percent, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.41 percent from 3.59 percent. 

“Heading into the Labor Day weekend, the 30-year rate was at its second lowest level in the history of our survey, and the 15-year rate marked a new low in our survey,” said Mike Fratantoni, MBA’s vice president of research and economics. “Despite these rates however, refinance application volume fell for the third straight week, and is more than 35 percent below levels at this time last year. Purchase application volume remains relatively flat at extremely low levels, close to lows last seen in 1996.”
— Katherine Clarke


Related Articles

arrow_forward_ios
The number of mortgage borrowers in Covid-19 forbearance plans ticked down again this week. (iStock)

3M homeowners remain in forbearance

3M homeowners remain in forbearance
(iStock)

Older Americans increasingly saddled with housing debt

Older Americans increasingly saddled with housing debt
(Getty, iStock)

Mortgage applications to buy homes decline for fourth straight week

Mortgage applications to buy homes decline for fourth straight week
(iStock)

Black homeowners pay $13K more for home loans: study

Black homeowners pay $13K more for home loans: study
While some Americans have benefited from low mortgage rates, others find themselves locked out (iStock)

Homebuyers with bad credit increasingly locked out of the market

Homebuyers with bad credit increasingly locked out of the market
(Getty)

Has homebuying peaked? Mortgage applications sink 2%

Has homebuying peaked? Mortgage applications sink 2%
A new report by CoreLogic showed mortgage payments that are over 120 days delinquent rose to 1.4 percent in July, its highest level since 1999 (iStock)

Mortgage delinquencies jumped to highest rate in 20 years

Mortgage delinquencies jumped to highest rate in 20 years
Snapdocs CEO Aaron King (Snapdocs; iStock)

Snapdocs raises $60M amid record demand for mortgages

Snapdocs raises $60M amid record demand for mortgages
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...