Mortgage applications continue to fall as interest rates increase for a second week

TRD New York /
Mar.March 20, 2013 08:30 AM

The number of mortgage applications for the week ending March 20, 2013  decreased 7.1 percent percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index decreased 7 percent compared with the previous week.

The Refinance Index decreased 8 percent from the previous week and the seasonally adjusted Purchase Index decreased 4 percent from one week earlier.  Unadjusted, the Purchase Index decreased 3 percent compared with the previous week and was 6 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased 1 percent to 75 percent of total applications, its tenth straight week of decline and  its lowest level since early May 2012. The adjustable-rate mortgage share of activity held at 5 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances increased to 3.82 percent from 3.81 percent. Interest rates for jumbo loans also increased to 3.95 percent from 3.90 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans stayed at 3.53 percent and 15-year fixed-rate mortgages increased to 3.02 percent from 3.01. —Christopher Cameron

Related Articles

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

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

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

Everything you need to know about Realogy and Amazon’s TurnKey partnership

Almost 40% of homes in the US are