U.S. mortgage applications down

TRD New York /
Oct.October 17, 2012 08:30 AM

Mortgage applications decreased 4.2 percent during the week ending October 12, the Mortgage Bankers Association announced today. The MBA measures mortgage loan application volume on a seasonally adjusted basis, which this week included an adjustment to account for the Columbus Day holiday. On an unadjusted basis, application dropped 14 percent compared with the previous week.

The Refinance Index also decreased 5 percent, while the seasonally adjusted Purchase Index increased 1 percent from one week earlier. Unadjusted, the Purchase Index decreased 9 percent from last week, but was still 12 percent higher year-over-year. The share of refinancing activity decreased to 82 percent of total applications, compared to 83 percent the prior week. The adjustable-rate mortgage share of activity held at 4 percent of applications.

Interest rates for 30-year fixed-rate loans with conforming balances rose  to 3.57 percent from 3.56 percent, while jumbo loans increased to 3.81 percent from 3.74 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans stayed at 3.34 percent and 15-year fixed-rate loan rates decreased to 2.87 percent from 2.88 percent.


Related Articles

arrow_forward_ios
The pandemic is leading to huge losses in value for hotels, malls and other commercial properties (iStock)

Troubled commercial properties see values fall 27%: report

Troubled commercial properties see values fall 27%: report
(iStock)

A foreclosure crisis is looming — but here’s what’s different from 2008

A foreclosure crisis is looming — but here’s what’s different from 2008
Sales of existing homes in the U.S. hit a 14-year high last month, according to a new report. (iStock)

US home sales hit 14-year high

US home sales hit 14-year high
An increase in mortgage applications came despite interest rates ticking up (iStock)

Applications for home mortgages surged last week

Applications for home mortgages surged last week
United Wholesale Mortgage Mat Ishbia and Gores Holdings IV CEO Alec Gores (Photos via United Wholesale Mortgage and Gores)

United Wholesale Mortgage goes public with $16B valuation

United Wholesale Mortgage goes public with $16B valuation
(iStock)

Banks required balloon payments, stayed mum on foreclosure moratorium

Banks required balloon payments, stayed mum on foreclosure moratorium
Fed Board Governor Lael Brainard (Getty, iStock)

Fed wants banks to step up lending in low-income areas

Fed wants banks to step up lending in low-income areas
Wall Street investors are prepared to buy and turn single-family homes into rentals when forbearance programs expire and homeowners look to sell. (iStock)

Wall Street investors bet on single-family rentals as mortgage payments stack up

Wall Street investors bet on single-family rentals as mortgage payments stack up
arrow_forward_ios

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

Loading...