X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Results of the weekly mortgage application survey of the Mortgage Bankers Association of America for the week ending Aug. 24 show the composite index increased 8.3% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index was up 7.1%, and up 75.8% versus the same week a year earlier.

Refinancing activity represented 53.7% of the total applications, increasing from 49.7% the previous week. Adjustable-rate-mortgage activity also rose to 12.6% of the total, from 11.7% last week.

The average contract interest rate for 30-year, fixed rate mortgages was 6.83%, the second .02% drop. The rate was 6.85% last week and 6.87% two weeks ago. Points on that fixed-rate also dipped to 1.31 from 1.32, including the origination fee for 80% loan-to-value ratio loans.

The survey, which has been conducted since 1990, covers about 40% of all U.S. retail residential mortgage originations.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.