Fort Lauderdale, Fl.
Mortgage applications increased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2016. This week's results included an adjustment for the Fourth of July holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 7.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 14 percent compared with the previous week. The Refinance Index increased 11 percent from the previous week. The seasonally adjusted Purchase Index was unchanged from one week earlier. The unadjusted Purchase Index decreased 20 percent compared with the previous week and was 5 percent lower than the same week one year ago. Last year, the Fourth of July fell on the prior week.
The FHA share of total applications increased to 10.0 percent from 9.5 percent the week prior. The VA share of total applications decreased to 12.1 percent from 12.8 percent the week prior. The USDA share of total applications remained unchanged at 0.6 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to its lowest level since May 2013, 3.60 percent, from 3.66 percent, with points increasing to 0.36 from 0.32 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.61 percent from 3.67 percent, with points increasing to 0.32 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.53 percent from 3.56 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.88 percent from 2.96 percent, with points increasing to 0.34 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.78 percent from 2.85 percent, with points decreasing to 0.25 from 0.26 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
For more information about how to apply for a new mortgage to buy your home in Fort Lauderdale call Marina or Kathleen at 954-914-8056
Reprinted with permission from RISMedia. ©2016. All rights reserved.
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