Mortgage Application and Rates

Mortgage and Lending with Canopy Mortgage 89769

According to the Mortgage Bankers Association.

MBA reported that, during the week ended October 20, the average contract interest rate for the 30 year fixed-rate mortgage was up 3 basis points to 6.36 percent with points, including the origination fee, dropping from 1.15 to 1.04.    The 30 year rate at 6.36 points for the week.

MBA's survey had the 15-year fixed-rate mortgage at 6.03 percent, up from 6.01 percent the previous week with points down to 1.04 from 1.08. Freddie Mac reported the rate, based on its survey, at 6.06 percent with 0.5 points. The average rate for one-year ARMS increased three basis points to 5.97 percent with points increasing from 0.86 to 0.90. This was substantially higher than the 5.57 percent and 0.8 points reported by Freddie Mac.


Mortgage Applications were up 0.5 percent on both a seasonally adjusted and unadjusted basis from the previous week and down 13 percent compared with applications at the same time in 2005.

Refinance Mortgage Applications: as a share of overall mortgage activity increased from 45 percent to 45.6 percent and adjustable-rate mortgages fell to 26.1 percent or total applications from 26.5 percent during the week ended October 13.


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Leo Namiot

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