The Market Composite Index, an overall measure of mortgage applications, fell from 654.1 to 632.4 on a seasonally adjusted basis during the week ended May 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications fell 3.4% on the week and were down 59.1% from the level of a year earlier. The Purchase Index declined from 454.2 to 449.8 on a seasonally adjusted basis, while the Refinance Index fell from 1816.9 to 1694.9. Refinancings represented 36.2% of total applications, down from 37.4% the previous week, while adjustable-rate mortgages accounted for 34.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.21% to 6.26%, and points (including the origination fee) fell from 1.39 to 1.35 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
59m ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
2h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
2h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
3h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
5h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
10h ago