The Market Composite Index, an overall measure of mortgage applications, rose from 607.1 to 656.5 on a seasonally adjusted basis during the week ended Aug. 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 7.7% on the week and were up 18.0% from the level recorded a year earlier. The Purchase Index rose from 416.6 to 447.4 on a seasonally adjusted basis, while the Refinance Index climbed from 1724.1 to 1881.1. Refinancings represented 39.9% of total applications, up from 39.4% the previous week, while adjustable-rate mortgages accounted for 22.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.50% to 6.41%, and points (including the origination fee) fell from 1.66 to 1.62 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.
-
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
1h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
3h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
10h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
11h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23