Mortgage applications inch upwards nationwide

TRD New York /
Sep.September 21, 2011 09:52 AM

Mortgage applications increased 0.6 percent on a seasonally adjusted basis nationwide for the week ending Sept. 16, according to weekly data from the Mortgage Bankers Association released today. It’s the second consecutive week of application gains. Without adjustments, application activity jumped 25.2 percent week-over-week, in part because the prior week included the Labor Day holiday.

Refinancings also increased for the second straight week by 2.2 percent from the previous week, on an unadjusted basis. That index is not seasonally adjusted.

The refinance share of mortgage activity increased to 78.3 percent of total applications from 76.8 percent the previous week. The adjustable-rate mortgage share of activity decreased to 6.7 percent of total applications, from 7.3 percent the prior week.

Meanwhile, mortgage rates continued to sink lower. The average contract interest rate for 30-year fixed-rate mortgages with comforming loan balances (less than $417,500 under a new law) was unchanged at 4.29 percent, while jumbo loans decreased to 4.55 percent from 4.57 percent. For FHA-backed 30-year fixed-rate mortgages the average rate declined one-hundredth of a percentage point to 4.07 percent. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.46 percent from 3.52 percent.

The numbers are slightly different as the MBA has begun to use an enhanced sample that captures more than 75 percent of direct channel mortgage applications, compared to 50 percent previously.— Adam Fusfeld


Related Articles

arrow_forward_ios
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
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
arrow_forward_ios

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

Loading...