According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 4, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 12.5 percent from the week before. The four-week moving average for the index is up 1.2 percent.
The Mortgage Refinancing index jumped 17.5 percent this week. The refinance share of mortgage applications decreased to 65.5 percent from 64.9 percent the week before.
Interest rates for the week ended March 4, 2011:
- 30 year fixed-rate mortgage interest rates increased to 4.93 percent from 4.84 percent the week before, with fees decreasing to 0.87 percent from 1.30 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates remained unchanged at 4.17 percent, with fees increasing to 1.15 percent from 1.07 percent on loans that are 80 percent of the value of the home.