The Market Composite Index, an overall measure of mortgage applications, rose from 561.2 to 561.5 on a seasonally adjusted basis during the week ended Aug. 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 1.2% on the week and were down 25.1% from the level recorded a year earlier. The Purchase Index fell from 385.9 to 382.2 on a seasonally adjusted basis, while the Refinance Index climbed from 1587.5 to 1608.5. Refinancings represented 40.6% of total applications, up from 39.6% the previous week, while adjustable-rate mortgages accounted for 26.4%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.54% to 6.38%, and points (including the origination fee) were unchanged, at 0.98, for loans with 80% loan-to-value ratios, the association reported.
-
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.
2h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
9h 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