According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending April 15, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 10.0 percent from the week before to its highest level since December 3, 2010. The four-week moving average for the index is up 2.5 percent.
The Mortgage Refinancing index increased 2.7 percent this week from the week before and the refinance share of mortgage applications decreased to 58.5 percent, the lowest refinance share of the market since May 7, 2010.
Interest rates for the week:
- 30 year fixed-rate mortgage decreased to 4.83 percent from 4.98 percent the week before, with fees increasing to 1.07 percent from 0.93 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 4.07 from 4.17 percent, with fees decreasing to 1.02 percent from 1.22 percent on loans that are 80 percent of the value of the home.