Practical Tips for Working With AMCs

Abstract

Mortgage applications decreased 0.5 percent from one week earlier Mortgage applications decreased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 28, 2022. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 41 percent lower than the same week one year ago. " Added Kan: "With most homeowners locked into significantly lower rates, refinance applications continued to run more than 80 percent below last year's pace, while the refinance share of applications was 28.6 percent - the fifth straight week below 30 percent. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balancesincreased to 6.55 percent from 6.53 percent, with points increasing to 0.7 from 0.68 for 80 percent LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.70 percent from 6.79 percent, with points decreasing to 1.18 from 1.59 for 80 percent LTV loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.37 percent from 6.39 percent, with points decreasing to 1.05 from 1.52 for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs decreased to 5.79 percent from 5.86 percent, with points increasing to 0.9 from 0.88 for 80 percent LTV loans.