Mortgage Applications Fewer: Mortgage Rates Drop to Record Lows


Posted on Sep 20, 2012

Fewer Americans completed applications to purchase homes in the week ending Sept. 14, an industry trade group stated. This drop occurred despite interest rates hitting new lows. The Mortgage Bankers Association's market composite index – which measures loan application volume – dropped down 0.2% from the previous week, seasonally adjusted. The purchase index, which measures applications filed for mortgages on home purchases, fell 4%.

However, refi activity, on the other hand, grew 1% from the previous week. Applications tied to the Home Affordable Refinancing Program – or HARP 2.0 – made up 22% of all refinancing filings. Homeowners seeking to refinance an existing mortgage dominated the marketplace, representing 81% of all applications.

The average contract interest rate for the 30-year, fixed-rate mortgage within conforming loan limits fell to 3.72%, the lowest rate in the survey's history, and down from 3.75%.

In addition, the 30-year, FRM with a jumbo loan balance of $417,000 or greater fell to 3.99% from 4% the previous week. The average contract interest rate for a 30-year, FRM backed by the FHA remained unchanged at 3.55%, while the 15-year, FRM declined to 3.03% from 3.07% a week earlier. The 5/1 ARM also declined to its lowest rate in survey history, reaching 2.61%.

 

back to top


Get Title Quote Here

Contact Us

First Name:*

Last Name:*

Phone:*

Email:*

Tell us more:


 

Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
Get Directions | See Detail

Connect with Us:

Testimonials

  • Samah and her team at Mega Title were efficient and professional in
    handling our refinance closing. I had used them in a prior refinance
    and was so impressed with the attention to detail that I came back
    this time again. They are accomodating to your schedule, meet the
    deadlines so they don't waste your time and most of all treat you as
    if you are their most important customer at all times. I couldn't ask
    for better service - they took care of everything. Just had to show
    up and sign.
  • As a real estate attorney, I have dealt with numerous title companies.
  • I recently refinanced my home. Mega Title really made my life much easier.
  • I really appreciated the excellent service and caring attitude during my refinance.
  • I can't express how impressed I am with your customer service!

View All