Business Bounces off Bad Week

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MORTGAGE EXPERT
7 · 08 · 11

After plunging ahead of the holiday weekend, new mortgage inquiries had a small rebound.

For the week ended Friday, the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com was 179. The index increased from 162 a week earlier but was way off the 286 level during the same week a year earlier.

The biggest boost came from pricing inquiries for adjustable-rate mortgages, which moved 13 percent higher from last week. After that were conventional inquiries, which climbed 12 percent — as did refinance inquiries. Purchases were up 10 percent, and FHA activity didn’t move.

ARM share stayed at 9.79 percent, while refinance share edged up to 49 percent from 48 percent last Friday. Rate-term share was 36 percent and cashout share was 13 percent.

The conforming 30-year fixed-rate mortgage inched up to 4.79 percent from 4.77 percent seven days earlier. But the jumbo 30-year mortgage fell 2 basis points, cutting the jumbo-conforming spread to 43 BPS this week from last week’s 47 BPS.

The 15-year mortgage gained in attractiveness relative to the 30-year mortgage. The spread between the 15-year and 30-year mortgage widened to 85 BPS from 84 BPS the previous week.

Author

Mortgage Daily Staff

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