Dennis Norman
According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending September 17, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 3.3 percent from the week before. The four-week moving average of home purchase mortgage applications is up 1.0 percent for the period.
The Mortgage Refinancing index decreased a modest 0.9 percent from the week before. The refinance share of mortgage applications increased to 81.1 percent from 80.5.
Interest rates for the week ended September 17, 2010:
- 30 year fixed-rate mortgage interest rates decreased to 4.44 percent from 4.47 percent, with fees increasing to 0.81 percent from 1.08 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 3.88 percent from 3.96 percent, with fees decreasing to 0.86 percent from 1.03 percent on loans that are 80 percent of the value of the home. This rate matches the lowest 15 year rated recorded ever.
- One-year ARM interest rates increased to 6.96 percent from 6.89 percent, with fees decreasing to 0.21 percent from 0.23 percent on loans that are 80 percent of the value of the home.
