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
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
4 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
6 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
6 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
8 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
9 hours ago