Mortgage Daily

Published On: July 23, 2009

Except for a hybrid adjustable-rate loan program, mortgage rates rose. Reacting to last week’s decline in rates, 1003 application volume inched higher.

Rising 6 basis points from last week, the average 30-year fixed-rate mortgage was 5.20% in Freddie Mac’s Primary Mortgage Market Survey for the week ended July 23. The 30-year was 6.63% a year ago.

Mortgage rates tend to move with the yield on the 10-year Treasury note, which was 3.648% today, up from 3.573% during trading a week ago.

But don’t expect much movement in rates based on projections by Bankrate.com panelists for the week July 23 to July 29; nearly half expected rates to stay within 2 BPS of their current levels during the upcoming 35 to 45 days. The remaining panelists were evenly split — 27% each — over whether rates would rise or fall.

Freddie said the average 15-year fixed-rate mortgage was 4.68%, 5 BPS more than the previous week.

But the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.74% — 9 BPS better than a week earlier.

The one-year Treasury-indexed ARM was up 0.01% from a week ago to average 4.77 percent. The underlying index — the yield on the one-year Treasury bill — closed yesterday at 0.47%, lower than 0.50% seven days earlier.

A popular subprime ARM index, the London Interbank Offered Rate, was 0.96% yesterday, Bankrate.com reported. Last week LIBOR was 0.98%.

Borrower demand for ARMs decreased to 4.8 percent of applications tracked in the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending July 17 from 5.0% the previous week.

Driven by a 4% rise in refinance applications, overall applications were up 3% on a seasonally adjusted basis, bringing MBA’s Market Composite Index to 528.9. The index was up 7% from a year ago.

Purchase applications were up 1%, and the refinance share rose to 56% from the prior week’s 55%.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN