The Market Composite Index, an overall measure of mortgage applications, fell from 631.1 to 630.1 on a seasonally adjusted basis during the week ended Feb. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 3.0% on the week and were up 1.4% from the level recorded a year earlier. The Purchase Index fell from 408.0 to 404.7 on a seasonally adjusted basis, while the Refinance Index rose from 1940.2 to 1943.4. Refinancings represented 46.1% of total applications, down from 47.4% the previous week, while adjustable-rate mortgages accounted for 22.3%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.29% to 6.23%, and points (including the origination fee) rose from 1.07 to 1.09 for loans with 80% loan-to-value ratios, the association 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.
3h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
4h 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.
5h 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.
5h 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.
7h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10