There was virtually no change in the Mortgage Bankers Association’s seasonally adjusted Market Composite Index, Refinance Index or seasonally adjusted Purchase Index for the week ended April 19, as they increased 0.2%, 0.3% and 0.3%, respectively from
The unadjusted Purchase Index increased 18% when compared with the same week in 2012.
Quicken Loans chief economist Bob Walters remains bullish on the mortgage market, saying, “Despite a housing market that is struggling for available inventory, the continued demand for homeownership is music to the economy’s ears. Better yet, many traditional buyers seem to be re-entering the market making for a stronger recovery.”
MBA said the share of refi applications remained at 75%. Home Affordable Refinance Program loans made up 32% of these, up one percentage point from the previous week. HARP application volume is at its highest level since MBA started tracking it in February 2012.
The average contract rate for the 30-year conforming FRM (MBA defines this as a loan with a balance of $417,500 or under) for the survey period decreased two basis points to 3.65%. Federal Housing Administration-insured loans had an average contract rate for the week of 3.37%, unchanged from the previous week.
Jumbo 30-year FRMs saw its average contract rate decrease two basis points to 3.75%. MBA said the rate for the 15-year FRM fell by two basis points to 2.89%.
The share of adjustable-rate mortgages fell to 4% of the week’s loan applications, as the average contract rate for the 5/1 ARM increased by five basis points to 2.62%.
