Interests rates, applications up across the board

TRD New York /
Feb.February 06, 2013 08:30 AM

The number of mortgage applications for the week ending February 1, 2013 increased 3.4 percent on a seasonally adjusted basis from the previous week, the Mortgage Bankers Association announced today.

The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 2 percent from one week earlier, reaching its highest level since the week ending May 7, 2010. Unadjusted, the Purchase Index increased 21 percent compared with the previous week and was 16 percent higher than the same week one year ago.

The refinance share of mortgage activity also decreased to 78 percent of total applications from 79 percent the previous week and is the lowest refinance share MBA has observed since early July 2012. The adjustable-rate mortgage share of activity held at 4 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances, continuing an upward trend for seven of the last eight weeks, increased to 3.73 percent from 3.67 percent. Interest rates for jumbo loans also increased to 3.96 percent from 3.95 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.53 percent from 3.48 percent, as did 15-year fixed-rate mortgages, which increased to 3 percent from 2.95 percent. —Christopher Cameron

Related Articles

Housing and Urban Development Secretary Ben Carson (Credit: Getty Images, iStock)

HUD wants to jumpstart bank lending on low-income homes

Lenders issued the most mortgages in 14 years last quarter (Credit: iStock)

Nonbank lenders could give serious boost to cooling housing market

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

Federal Reserve Chairman Jerome Powell (Credit: Getty Images)

Fed cuts rates, signaling caution ahead for real estate investors

(Credit: iStock)

Mortgage REITs were doing great — until the yield curve inverted

(Credit: iStock)

Despite housing market slowdown, mortgage lenders just had a great second quarter

The Daily Dirt: The dark cloud hanging over buyers

The Daily Dirt: The dark cloud hanging over buyers

Trump proposal would make getting a mortgage harder for homeowners deep in debt

Trump proposal would make getting a mortgage harder for homeowners deep in debt