According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 18, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 2.7 percent from the week before. The four-week moving average for the index is up 1.0 percent.
The Mortgage Refinancing index increased 2.7 percent this week. The refinance share of mortgage applications held steady at 66.4 percent.
Interest rates for the week:
- 30 year fixed-rate mortgage interest rates increased slightly to 4.80 percent from 4.79 percent the week before, with fees decreasing to 0.96 percent from 1.07 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased slightly to 4.02 from 4.03 percent, with fees increasing to 0.90 percent from 0.85 percent on loans that are 80 percent of the value of the home.