Mortgage applications decrease despite free-falling rates

TRD New York /
Oct.October 05, 2011 09:57 AM

After last week’s big 9.3 percent jump, nationwide mortgage applications fell to earth for the week ending Sept. 30, decreasing 4.3 percent on a seasonally adjusted basis, according to weekly data from the Mortgage Bankers Association released today.

Refinancings also decreased this week, falling 5.2 percent from the previous week, on an unadjusted basis. That index is not seasonally adjusted.

The refinance share of mortgage activity decreased to 79.1 percent of total applications from 79.7 percent the previous week. The adjustable-rate mortgage share of activity increased to 6.4 percent of total applications, from 6.1 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) decreased to 4.18 percent from 4.24 percent, while jumbo loans decreased to 4.49 percent from 4.53 percent. For FHA-backed 30-year fixed-rate mortgages the average rate declined one-hundredth of a percentage point to 4.05 percent. But the average contract interest rate for 15-year fixed-rate mortgages increased to 3.49 percent from 3.46 percent. — Adam Fusfeld


Related Articles

arrow_forward_ios
(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
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
arrow_forward_ios

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

Loading...