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US weekly mortgage application volumes rise 0.1%
Posted On Aug 13 2015
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Today at Citi Mortgage, the 30 year fixed is the same at 4.125%, and their 15 year is higher to 3.50%.
Meanwhile, mortgage applications were flat, according to the latest data from the Mortgage Bankers Association.
She said the launch of the Help to Buy Mortgage Guarantee scheme acted as a starting gun for this sector by making it acceptable to lend at higher LTVs. On an unadjusted basis, the Index decreased 1 percent compared with the previous week.
At the current average 30-year fixed mortgage rate of 4.04 percent, the monthly payment on a $200,000 loan is $959.45. A year ago at this time, the 15-year FRM averaged 3.24%.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets.
The MCAI includes four component indices: the Conventional MCAI, which was up 5.2% in July compared to June, followed by the Jumbo MCAI, which was up 4.7%, the Government MCAI, which was up 0.9%, and the Conforming MCAI, which was up 0.4%.
After watching U.S. economic data closely, Federal Reserve members had been hinting lately about an impending rate hike, which is widely predicted to happen at the policy-setting meeting in September. Over the past few days the Chinese Yuan has fallen sharply.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.94 percent from 3.96 percent, with points unchanged at 0.22 for 80 percent LTV loans. A year ago, the 5-year ARM averaged 2.97 percent.
Overall applications increased by just 0.1 percent, the trade group said.
1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, up from last week when it averaged 2.54 percent.
The MBA’s seasonally adjusted index of refinancing applications rose 3.1 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 3.5 percent.
The survey, which covers over 75% of US mortgage applications according to the MBA, found that the refinance share of total mortgage activity was 53% of total applications, the highest level since April.
