October 14, 2009
Mortgage rates were a bit higher last week, while remaining near all-time lows. As rates rose, the number of people seeking new mortgages fell, according to the Mortgage Bankers Association.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.02 percent from 4.89 percent, with points decreasing to 1.11 from 1.13, including the origination fee, for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.44 percent from 4.32 percent, with points remaining unchanged at 1.04 for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.71 percent from 6.56 percent, with points increasing to 0.32 from 0.30 for 80 percent LTV loans.
MBA says its Weekly Mortgage Applications Survey for the week ending October 9, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.7 percent compared with the previous week.
Even refinancing, which had driven the mortgage loan market lately, retreated a bit. The Refinance Index decreased 0.1 percent from the previous week and the seasonally adjusted Purchase Index decreased 5.0 percent from one week earlier. The unadjusted Purchase Index decreased 4.8 percent compared with the previous week and was 6.8 percent lower than the same week one year ago.
