News


Mortgage applications down 4.8% for last week in February

Interest rate for jumbo loan drops to 3.75%

Mortgage applications decreased 4.8% for the week ending Feb. 26 from a week earlier, according to data from the Mortgage Bankers Association. The previous week's results included an adjustment for the President's Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.8% on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 7% from the previous week, reaching its lowest levels since January 2016.

The refinance share of mortgage activity decreased to its lowest level since January 2016, 58.6% of total applications, from 61.0% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.6% of total applications.

The FHA share of total applications remained unchanged from 12.0% the week prior. The VA share of total applications decreased to 12.1% from 13.0% the week prior. The USDA share of total applications remained unchanged from 0.7% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.83% from 3.85%, with points decreasing to 0.39 from 0.42 (including the origination fee) for 80% 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 3.75% from 3.80%, with points increasing to 0.31 from 0.25 (including the origination fee) for 80% 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 3.67% from 3.72%, with points decreasing to 0.40 from 0.45 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

However, the average contract interest rate for 15-year fixed-rate mortgages increased to 3.13% from 3.12%, with points decreasing to 0.31 from 0.40 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.02% from 3.07%, with points increasing to 0.31 from 0.30 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The survey covers over 75% of all U.S. residential mortgage applications.

Comments

Sorry, but further commenting on this topic has been closed.

Couples: Drop Your Keyboard!
By Chandrama Anderson | 1 comment | 8,420 views

Interesting local elections shaping up in Dublin
By Tim Hunt | 0 comments | 345 views

Scott Raty bows out as CEO of Pleasanton Chamber
By Jeb Bing | 0 comments | 293 views

 

Nominations due by Sept. 17

Pleasanton Weekly and DanvilleSanRamon.com are once again putting out a call for nominations and sponsorships for the annual Tri-Valley Heroes awards - our salute to the community members dedicated to bettering the Tri-Valley and the lives of its residents.

Nomination form