According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending February 1, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 5.9 percent from the week before. The four-week moving average for the index is down 1.9 percent.
The Mortgage Refinancing index, after dropping 7.7 percent the prior week, decreased 11.4 percent this week. The refinance share of mortgage applications decreased to 64.0 percent from 66.6 percent the week before.
Interest rates for the week ended February 11, 2011:
- 30 year fixed-rate mortgage interest rates decreased slightly to 5.12 percent from 5.13 percent the week before, with fees increasing to 0.85 percent from 0.84 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased to 4.34 percent from 4.29 percent the week before, with fees decreasing to 0.85 percent from 1.02 percent on loans that are 80 percent of the value of the home.