Mortgage Refinance Levels Reach High Levels as Mortgage Interest Rates Remain at Low Levels
Mortgage Refinance Levels Reach High Levels as Mortgage Interest Rates Remain at Low Levels
According to the latest records from the Mortgage Bankers Association or more famously known as the MBA as of July. 20, 2012, the applications for mortgage loans have significantly grown by 0.9 percent compared to last week.
The tool used to measure the volume of the applications is the Market Composite Index, and the final result of last week’s mortgage loans has equaled to a 0.9 increase in the results of both the adjusted and unadjusted percentages compared to the previous week. The Refinance Index however, increased to about 2 percent this is the highest it has been since the April of 2009. The only results that have decreased are the Purchase Index which is being adjusted every season. The decrease has been noted at 3 percent, which is its lowest point since June of 2012.
Other results show that the refinance share for the mortgages has increased by 1 percent compared to the preceding weeks, the adjusted-rate mortgage or the ARM share is now 4 percent of the accumulated activities compared to the previous week as well.
The 3.74 percent average contract interest for a fixed mortgage rate has remained. This is the lowest it has been since the survey had begun. The points have also slipped to 0.43 from the previous 0.45 that included the origination fee in a loan-to-value ratio loan for 80 percent. Furthermore, the 30-year fixed rate has been under 4 percent since May 4 this year and the effective rate has also fallen from the previous week.
The 30 year fixed-rate mortgage loan’s average contract interest which is more than $417,500 has risen from 3.98 to 3.99 percent and its points have fallen from 0.32 to 0.28 with the origination fee for LVT loans offered in 80 percent rate.
The average contract interest rate for a 30 year fixed mortgage according to the FHA has fallen to only 3.52 percent which is the lowest it has ever been.
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