U.S. mortgage applications down

Oct.October 17, 2012 03:00 PM

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, applications 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

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

From left: Peter Mekras, Martin Melo, and Carlos Melo, with Art Plaza

Melo Group lands $142M refi for Art Plaza

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

Neiman Marcus CEO Geoffroy Van Raemdonck (Credit: Getty Images)

Struggling Neiman Marcus scores loan from Credit Suisse for Coral Gables store

Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz

Whitman scores $550M loan for Bal Harbour Shops

JW Marriott Miami Turnberry Resort & Spa with Jeffrey Soffer, and a rendering of the Shore Club with Ziel Feldman

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings

More Americans are choosing not to tap into their home equity

More Americans are choosing not to tap into their home equity