- Posted at 2:14, December 24, 2013
- By Russ Bleemer
The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 20, out today, saw reports a 6.3% seasonally adjusted decrease.
The association's analysis:
“Following the Federal Reserve’s taper announcement, mortgage application volume dropped again last week, with rates increasing and refinance application volume falling to its lowest level since November 2008,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Purchase application volume was weak too, continuing to run more than 10% below last year’s pace. Notably, government purchase application volume is almost 25% below where it was at this time last year, with the larger drop compared to conventional purchase likely due to the increase in FHA premiums over the course of the year.”
- The association's Refinance Index decreased 8% from the previous week.
- The seasonally adjusted Purchase Index decreased 4% from one week earlier.
- The refinance share of mortgage activity decreased to 65% of total applications, down a percentage point from the previous week, while the adjustable-rate mortgage share rose to 8.3% of all applications, the highest level since July 2008.
- The average contract interest rate for 30-year fixed-rate mortgages, 20% down payment, with loan balances of $417,000 or less increased to 4.64%, the highest since September, from 4.62 percent, with points increasing to 0.41 from 0.38, including the origination fee.
- The average contract interest rate for 30-year fixed-rate jumbo mortgages--that is, with balances greater than $417,000--increased to 4.63%, also the highest September, from 4.61% with points remained unchanged at 0.24 for 20% down payment lloans.
The survey covers more than 75% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.
There's more on the association's site, HERE.
And there's more stats just out today--Federal Housing Finance Agency mortgage rates, new home sales, and house prices--on QuidnuncRE, HERE, from earlier.