Orange County Register

The Mortgage Bankers Association today reported on the market last week:

• Its refinance application index increased 14.5 percent from the previous week and the purchase application index decreased 1.8 percent from one week earlier. I wonder if uncertainty about the future of the first-time buyer tax credit contributed to the drop in purchase demand. It appears Congress is moving closer to extending the credit into next year.
• The four-week moving average is down 5.0 percent for purchase index and down 5.7 percent for the refinance index.
• The refinance share of mortgage activity increased to 66.1 percent of total applications from 62.3 percent the previous week. The adjustable-rate mortgage share of activity decreased to 6.1 percent from 6.9 percent of total applications from the previous week.
• The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.97 percent from 5.04 percent, with points decreasing to 1.01 from 1.25 (including the origination fee) for 80 percent loan-to-value loans that can be sold to Fannie Mae or Freddie Mac.

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FORECLOSURES | MORTGAGE ANSWERS | MORTGAGE RATES | POLLS | DISTRESSED SALES | AUCTIONS

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