As rates climb, U.S. mortgage applications fall

TRD New York /
Oct.October 24, 2012 08:30 AM

Mortgage applications decreased 12 percent during the week ending October 19, the Mortgage Bankers Association announced today. The MBA measures mortgage loan application volume on a seasonally adjusted basis. On an unadjusted basis, application dropped 2 percent compared with the previous week.

The Refinance Index also decreased 13 percent — reaching its lowest level since late August — and the seasonally adjusted Purchase Index fell 8 percent from one week earlier. Unadjusted, the Purchase Index increased 2 percent from last week, and was 7 percent higher year-over-year. The share of refinancing activity decreased to 81 percent of total applications, compared to 82 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 3.63 percent from 3.57 percent — the third consecutive week of increase, pushing rates to their highest level since late September. Jumbo loans increased to 3.85 percent from 3.81 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.41 percent from 3.34 percent and 15-year fixed-rate loan rates increased to 2.96 percent from 2.87 percent. — Christopher Cameron


Related Articles

arrow_forward_ios
The bank is accused of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed. (Credit: iStock)

BNY Mellon faces suit over foreclosures from the housing crash

Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

Buyer sentiment was strong at the close of 2019 (Credit: iStock)

Home buyers start 2020 with drop in mortgage rates

The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)

Brookfield scores $479M refi on Manhattan West resi tower

180 Maiden Lane with Clarion Partners CEO David Gilbert (red) and MHP Real Estate Services CEO David Sturner (blue) (Credit: Google Maps, Clarion, MHP)

Clarion Partners group lands $372M refi on FiDI tower

(Credit: Getty Images, iStock)

Small Talk: Real Estate Predictions for 2020

New York Life building gets $410M refi

New York Life building gets $410M refi

arrow_forward_ios
Loading...