Tags: home | refinancing | mortgage | demand | applications | loan

Home Refinancing Recovers From 17-1/2 Year Low: MBA

Home Refinancing Recovers From 17-1/2 Year Low: MBA
(Karenr/Dreamstime)

Wednesday, 18 July 2018 09:50 AM

U.S. loan applications to refinance existing homes rebounded from their lowest levels in over 17-1/2 years last week, while home borrowing costs were mixed, data from the Mortgage Bankers Association showed on Wednesday.

The Washington-based industry group said its seasonally adjusted index on homeowners’ requests for refinancing rose 2.2 percent to 979.6 in the week ended July 13. The prior week’s figure of 958.5 was the lowest since December 2000.

Refinancing’s share of weekly mortgage activity recovered to 36.5 percent from 34.8 percent the week before, which was the lowest since August 2008, MBA said.

Mortgage applications decreased 2.5 percent from one week earlier. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.77 percent from 4.76 percent, with points increasing to 0.46 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.22 percent from 4.18 percent, with points decreasing to 0.42 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Personal-Finance
U.S. loan applications to refinance existing homes rebounded from their lowest levels in over 17-1/2 years last week, while home borrowing costs were mixed, data from the Mortgage Bankers Association showed on Wednesday.
home, refinancing, mortgage, demand, applications, loan
214
2018-50-18
Wednesday, 18 July 2018 09:50 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved