The Mortgage Bankers Association is reporting that mortgage applications decreased 2.7% for the week ending March 17th (measured weekly). Refinancing’s share of the mortgage applications was 45.1%, slightly lower than previous weeks. However, the share of ARM’s (adjustable-rate mortgages) increased to 9% of total applications – representing their highest rate since October, 2014. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.46%, with points increasing to 0.41 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
