Borrowers turn to private lenders increasing U.S. mortgage activity

Miami /
May.May 09, 2012 11:15 AM

Mortgage applications increased 1.7 percent for the week ending May 4, according to weekly data released today by the Mortgage Bankers Associations, as more homeowners and home buyers dipped into the private mortgage market. Applications for mortgages for purchases ticked up 3.4 percent behind a 5.4 percent increase in activity in the so-called “conventional,” or non-government affiliated market. Similarly, even though activity in the government-backed refinance market has decreased 2.3 percent, overall refinances actually jumped 1.3 percent.

Refinances accounted for 72.1 percent of total applications last week, down from 72.6 percent a week earlier, according to the report.

Mortgage rates fell across the board last week, except for FHA-backed loans, whose rates increased just as government mortgage activity declined.

Average interest rates for 30-year-fixed rate mortgages with conforming loan balances fell to 4.01 percent from 4.05 percent, while rates for jumbo loan balances dropped to 4.29 percent from 4.32 percent and 15-year fixed-rate mortgage interest rates slid to 3.29 percent from 3.31 percent. On the other hand, FHA-backed 30-year fixed-rate mortgages rose one basis point to 3.81 percent. — Adam Fusfeld


Related Articles

arrow_forward_ios
Frank Simone and Christina Pappas with the Miami skyline (Getty images)
Tighter lending standards foiling condo deals after Surfside collapse
Tighter lending standards foiling condo deals after Surfside collapse
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)
Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Photo illustration of Ron DeSantis (Getty, iStock)
DeSantis announces $250M rental, mortgage assistance fund
DeSantis announces $250M rental, mortgage assistance fund
Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)
Florida extends freeze on evictions and foreclosures to July
Florida extends freeze on evictions and foreclosures to July
Governor Ron DeSantis (Credit: Eva Marie Uzcategui/Getty Images)
Florida governor extends freeze on evictions, foreclosures
Florida governor extends freeze on evictions, foreclosures
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)
SoFla prepares for flood of foreclosures and evictions after governor’s freeze
SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)
Florida governor freezes evictions and foreclosures for 45 days
Florida governor freezes evictions and foreclosures for 45 days
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
arrow_forward_ios

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

Loading...