According to the latest Mortgage Bankers Association’s latest weekly survey of mortgage applications, the number of mortgage applications in the United States decreased by 1.2 percent in the week ending March 11, 2022, a week ago.

The Composite Market Index, which measures the number of mortgage applications, fell seasonally by 1.2 percent a week ago. On an unfavorable basis, the index fell one percent from the previous week.

The refinancing index fell 3 percent from last week and 49 percent less than the same week last year. The seasonally adjusted purchase rate rose 1 percent a week ago. The unjustified buying index rose 2 percent from the previous week and fell 8 percent from the same week last year.

Mortgage rates continue to fluctuate due to serious uncertainty about Federal Reserve policy and the situation in Ukraine. Investors are weighing the impact of rapidly rising inflation in the United States and many other parts of the world on a possible economic slowdown. A new supply war two weeks ago, after a 30-year fixed rate drop, rose to 4.27 percent last week, the highest since May 2019. Interest rates are almost a full percentage point higher than a year ago and continue to hamper refinancing operations. “Refinancing for both traditional and government loans has declined.”

Kan added: “The number of purchase applications has increased slightly, and the number of both regular and VA loans has increased. The average purchase loan application remained high at $ 453,200, the second-highest in the MBA study.”

The share of mortgage refinancing operations in all applications fell to 48.4 percent from 49.5 percent last week. Adjustable mortgages (ARMs) accounted for 5.6 percent of all applications.

The FHA’s share of all applications remained unchanged at 8.7 percent from last week. The VA share of all applications rose to 10.5 percent from 10.4 percent last week. The USDA’s share of all applications remained unchanged at 0.5 percent from the previous week.

The average contract rate for 30-year fixed-rate mortgages with a similar loan balance ($ 647,200 or less) rose 4.27 percent from 4.09 percent, and the score rose 0.54 from 0.44 (including the retention fee) to 80 percent of the loan value. About LTV loans. The effective interest rate has been rising since last week.

The average contract rate for 30-year fixed-rate mortgages with jumbo loan balances (over $ 647,200) rose 4.02 percent from 3.79 percent, and the score dropped to 0.37 percent (including the initial fee) from 80 percent LTV for the loan. The effective interest rate has been rising since last week.

The average contract rate for 30-year fixed rates secured by FHA mortgages rose to 4.23 percent from 4.12 percent, and scores fell to 0.62 from 0.73 (including withholding payments) on an 80 percent LTV loan. The effective interest rate has been rising since last week.

The average contract rate for 15-year fixed rates rose from 3.39 percent to 3.55 percent, and the score remained unchanged at 0.46 (including the initial fee) for the 80 percent LTV loan. The effective interest rate has been rising since last week.

The average contract rate for 5/1 ARM fell to 3.36 percent from 3.38 percent, and scores fell to 0.23 from 0.28 (including the initial fee) on 80 percent LTV loans. The effective interest rate has been falling since last week.

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