The Market Composite Index, an overall measure of mortgage applications, fell from 713.5 to 694.8 on a seasonally adjusted basis during the week ended Oct. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 2.6% on the week but were up 5.4% from the level recorded a year earlier. The Purchase Index fell from 473.8 to 469.5 on a seasonally adjusted basis, while the Refinance Index declined from 2107.4 to 2004.9. The four-week moving average for the Purchase Index fell 2.2%, from 492.7 to 481.7, and the comparable average for the Refinance Index fell 2.2%, from 2191.6 to 2143.2. Refinancings represented 43.5% of total applications, down from 44.5% the previous week, while adjustable-rate mortgages accounted for 29.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.94% to 5.98%, and points (including the origination fee) increased from 1.21 to 1.22 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.
4h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
5h 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.
6h 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.
6h 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.
8h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10