The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Thursday morning, noting an increase of 1.4% in the group's
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Thursday morning, noting an increase of 1.4% in the group’s seasonally adjusted composite index for the week ending June 30. On an unadjusted basis, the index increased 1% compared with the previous week.
The MBA’s refinance index decreased by 1.5% week over week, and the percentage of all new applications that were seeking refinancing dipped from 45.6% to 44.9%.
The average rate on “conforming” 30-year fixed-rate mortgages, for loans with balances that are $424,100 or less, rose to 4.20 percent from 4.13 percent the previous week.
The larger jumbo 30-year fixed climbed to 4.10 percent, and the average 15-year fixed mortgage rate was up to 3.37 percent. The seasonally adjusted Purchase Index increased 3% from one week earlier.
10 year loan interest rates are published at 3.250% today carrying an April of 3.456%. This week, 22 percent of the panelists believe mortgage rates will rise over the next week or so; 11 percent think rates will fall; and 66 percent believe rates will remain relatively unchanged in the coming week.
The average contract interest rate for 30-year, fixed-rate mortgages backed by the FHA increased to 4.04% from 4.02%, with points decreasing to 0.33 from 0.41 (including the origination fee) for 80% LTV loans.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.31% to 3.37%, another high since May.
Overall single-family rent inflation was 3.1 percent on a year-over-year basis in May 2017 compared with May 2016.
This graph shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future.
“For current homeowners, the strong run-up in prices has boosted home equity and, in some cases, spending”, said Frank Nothaft, chief economist at Core Logic.