The Mortgage Bankers Association today released its Weekly Mortgage Applications Survey for the week ending September 16, 2011. Mortgage applications rise a modest 0.6 percent during the week. Re-financing applications rose for a second straight week, climbing another 2.2 percent.
Mortgage re-financings as a percentage of total applications increased to 78.3 percent. Adjustable rate mortgage (ARM) share of finance activity fell to 6.7 percent of total applications from 7.3 percent the previous week.
Contract interest rates for 30-year fixed-rate mortgages all declined, ranging from 4.07 percent for FHA loans to 4.55 percent for jumbo loans. The interest rate for conforming loans stood at 4.29 percent.
The average contract interest rate for 15-year fixed-rate mortgages declined to 3.46 percent from 3.52 percent , with points increasing to 0.45 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio loans.
Source: Mortgage Bankers Association