Applications up, refis hit 4-month high

by Ryan Smith24 Jul 2014
Mortgage applications were up 2.4% last week, according to data released by the Mortgage Bankers Association, while refinances hit their highest level since March.

The MBA’s Market Composite Index, which measures loan application volume, was up 2.4% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index increased 3%. The Refinance Index rose 4% from the previous week, and the seasonally adjusted Purchase Index was up 0.3%. On an unadjusted basis, the Purchase Index increased 1% from the previous week, but was still 15% lower than a year ago.

The refinance share of mortgage activity hit its highest level since March, rising to 54.4% of all applications. The adjustable-rate mortgage share held steady at 8%.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances was unchanged from the week prior at 4.33%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.21% -- its lowest level since May of 2013 – from 4.23%.

The average rate for Federal Housing Administration-backed 30-year FRMs fell to 4.03% from the previous week’s 4.04%. The rate for 15-year FRMs was up, rising to 3.47% from the previous week’s average of 3.41%.

The average rate for 5/1 ARMs rose to 3.21% from the previous week’s 3.17%.


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