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Mortgage applications released by the Mortgage Bankers Association (MBA) rose 2.7% in the past week Mortgage interest rates fell on two of five types of loans. Spring homebuying season helped the buyers interest.

mortgage applicaition

The latest US mortgage data released from the Mortgage Bankers Association for the week ending 3 May 2019

  • Mortgage applications W/E 3 May +2.7% v -4.3% prior
  • Purchase index 270.2 v 259.4 prior
  • Market index 418.1 v 407.2 prior
  • Refinancing index 1,238.5 v 1,228.3 prior
  • 30-year mortgage rate 4.41% v 4.42% prior

The MBA said last week’s average mortgage loan rates were as follows:

  • Conforming 30-year fixed-rate mortgage down from 4.42% to 4.41%.
  • Jumbo 30-year fixed-rate mortgage downfrom 4.31% to 4.27%.
  • Average interest rate for a 15-year fixed-rate mortgage remained unchanged at 3.81%.

Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said:

We saw a good week for the spring homebuying season, as a 5 percent increase in purchase applications – both weekly and year-over-year – drove the results. Average loan amounts also stayed elevated, with government purchase applications rising to the highest in the survey. Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher.

Added Kan,

"With purchase activity increasing and mortgage rate movements mostly unchanged, the refinance share of applications were at their lowest level since last November."

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

Source: MBA

From The TradersCommunity News Desk

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