Home Purchases Fall 7% at Mortgage Applications
The volume of mortgage applications submitted last week fell an adjusted 1.2% per year, compared with previously been week, due to a drop in applications for mortgages to purchase a home, on Wednesday’s report from the Bankers Association of Mortgage.
Mortgage applications for home purchases fall 7% per year adjusted for week finished February 5, which compared with the previous week. Refinance applications rose 1.4% a non-scheduled. The MBA survey covers about half of all retail residential mortgage applications from the U.S.
The four-week moving average for all mortgages was up 3.8%.
Refinance applications made up a 69.7% share of all application filings last week, up slightly from 69.2% the previous week. The share of adjustable-rate mortgage applications was 4.5%, unchanged from last week.
The average rate on 30-year fixed rate mortgage was 4.94% last week, down from 5.01% last week. The 15-year confirmed increased the average mortgage rate of 4.33%, unchanged from the previous week. And the arm of one years, the average of 6.68%, down from 6.70% last week.
The fares, the 30-year fixed rate mortgage required payment of requirements to obtain the average 1.06 points, the 15-year fixed rate mortgage average 0.95 point and the arm of one years required a 0.35 point average. A point is 1% of the mortgage amount, charged as prepaid interest is.
Original article by Amy Hoak, MarketWatch
Filed Under: Mortgage
