U.S. mortgage applications fall, rates rise

Miami /
Oct.October 31, 2012 03:00 PM

Mortgage applications decreased 4.8 percent during the week ending October 26, the Mortgage Bankers Association announced today. The MBA measures mortgage loan application volume on a seasonally adjusted basis. On an unadjusted basis, application dropped 5 percent compared with the previous week.

The Refinance Index also decreased 6 percent — reaching its lowest level since the end of August – but the seasonally adjusted Purchase Index grew 1 percent from one week earlier. However, unadjusted, the Purchase Index fell 0.3 percent from last week, and was 6 percent higher year-over-year.The share of refinancing activity decreased to 80 percent of total applications, compared to 81 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 3.65 percent from 3.63 percent — the highest level since mid-September. Jumbo loans increased to 3.94 percent from 3.85 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans stayed at 3.41 percent, the same as last week, and 15-year fixed-rate loan rates decreased to 2.95 percent from 2.96 percent. —Christopher Cameron


Related Articles

arrow_forward_ios
(Illustration by The Real Deal; Getty)
Residential sales fall 30% across South Florida
Residential sales fall 30% across South Florida
Danielle Hale
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
From left: Property Markets Group's Ryan Shear, Kevin Maloney and Dan Kaplan with Elser Hotel & Residences
PMG, Greybrook score $235M refi of downtown Miami project
PMG, Greybrook score $235M refi of downtown Miami project
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
South Florida homes
South Florida home sales plunge in May, as prices continue rising
South Florida home sales plunge in May, as prices continue rising
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi
Melo nabs $248M refi for downtown Miami apartment towers
Melo nabs $248M refi for downtown Miami apartment towers
Melo nabs $248M refi for downtown Miami apartment towers
Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables
Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables
Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables
arrow_forward_ios

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

Loading...