According to EAS, Mortgage Bankers Association (MBA) mortgage applications fell by 9.8% during the week ended January 16 to 1,195.3, reversing about 2/3 of the prior week's jump of 15.8%. The Purchase Index climbed by 2.5% to 303.1. Despite the recent decline in mortgage rates, purchase activity is still 31.1% below its year-ago level. The Refinance Index dropped by 12.4% to 6,491.8. Refinancing activity now accounts for nearly 85% of all new mortgage activity and its 55.4% above its year ago level.
Contract Mortgage Rates jumped last week. The 30-year fixed rate increased by 35 bps to 5.24% while the 15-year fixed rates increased by 36 bps to 4.99%. 1-year Treasury ARMs was unchanged at 5.89%. Despite this week's increase, mortgage rate has declined substantially over the past 2 months.
If you need mortgage advice, feel free to contact me or visit www.realpromortgage.com.
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I am a 3rd generation real estate Broker specializing in Pacific Palisades, Malibu, Santa Monica, Marina del Rey, Beverly Hills, Hollywood, Westwood and Brentwood and all Westside Properties.
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