The Market Composite Index, an overall measure of mortgage applications, rose from 722.5 to 771.6 on a seasonally adjusted basis during the week ended Sept. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 5.4% on the week, and were up 11.8% from the level recorded a year earlier. The Purchase Index rose from 470.6 to 499.1 on a seasonally adjusted basis, while the Refinance Index climbed from 2187.8 to 2357.1. The four-week moving average for the Purchase Index rose 0.1%, from 489.3 to 489.4, and the comparable average for the Refinance Index rose 1.9%, from 2240.9 to 2284.6. Refinancings represented 44.8% of total applications, up from 43.8% the previous week, while adjustable-rate mortgages accounted for 26.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 5.73% to 5.64%, and points (including the origination fee) decreased from 1.21 to 1.13 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.
-
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
1h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25