Conventional loans surged +12% for the week ending January 28.

Conventional Loans Picked Up Mortgage Activity Week Ending January 28

The Mortgage Bankers Association’s (MBA) Market Composite Index that measures new loan activity jumped +12% for the week ending January 28.  Compared to the same week one year ago, volumes were -37% lower.

The Purchase Index rose +4% from the previous week.  The Refinance Index, after falling for the last four consecutive weeks, jumped +18% spurred by a +22% increase in conventional applications.  Refinance numbers were still down -50% from one year ago.

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Applications by Loan Type

  • Conventional – 82%
  • FHA – 7.7%
  • VA – 9.1%
  • USDA – 0.4%

The share of refi activity accounted for 57.3% of all applications.  Adjustable-rate mortgages represented a 4.5% share of total volume.

Cash-out refinances increased +14%.  Joe Mellman, senior vice president and mortgage business leader with TransUnion, said, “With the pool of consumers who would benefit from a refinance shrinking and interest rates starting to rise, mortgage lenders will now look to implement diversified growth strategies.”

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Average Loan Sizes and Interest Rates Up

As home prices rise, average purchase loan sizes rise.

The average purchase loan size came in at $441,400, +1.8% more than $433,500 the week prior.

The contract interest rate for 30-year fixed mortgages with conforming balances increased by 6 basis points to 3.78%, up from 3.72% the week before.  The average 30-year jumbo fixed-rate with balances exceeding $647,200 hit 3.59% from 3.56% the week before.  The 15-year fixed climbed just one basis point to 3.01% while the 5-year adjustable rate dropped 9-basis points to 3.09%.

Thanks to National Mortgage News.

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