Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Refis boost weekly mortgage applications
WASHINGTON, D.C. (5/15/14)--Boosted by refinancing activity, mortgage applications increased 3.6% for the week ending May 9, according to the weekly report from the Mortgage Bankers Association.
 
Refinances accounted for 50% of all applications and 44% of the prospective loan volume, although the refi index hovers near a 5 1/2-year low, Moody's reminded (Economy.com May 14). The refinance index increased 7% from the previous week.
 
Activity in adjustable-rate mortgages (ARMs) decreased to 8% of total applications.
 
Lenders are competing to attract higher-priced residential loans, displayed by the average contract interest rate for a 30-year fixed jumbo mortgage at 4.29% is lower than the 4.39% for 30-year fixed-rate mortgages with a conforming loan balance, "a rare phenomenon," Moody's noted.
 
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.4%, the lowest since November, from 3.52%.


RSS print
News Now LiveWire
Tech. advances don't dampen consumer #cybersecurity concerns #NewsNow http://t.co/HNn4Hojadv
3 hours ago
.@TheNCUA board unanimously voted today to designate board member Rick Metsger as vice chairman, effective immediately.
4 hours ago
We really want to hear from our readers. Please take the News Now survey: http://t.co/BYiQ5vr5Ob
5 hours ago
Advanced technologies don't quell cybersecurity fears #NewsNow http://t.co/ZJ20bimRvv
6 hours ago
.@CentralMaineCom reports #creditunions have issued thousands of new cards to proactively protect members from Home Depot data breach.
7 hours ago