Refinance Applications Fall as Rates Rocket

first_img Mortgage applications continued to fall last week following a sizable spike in interest rates, the “”Mortgage Bankers Association””:http://mbaa.org/default.htm (MBA) reported in its Weekly Mortgage Applications Survey.[IMAGE]The survey’s Market Composite Index, a measure of mortgage loan application volume, dropped 3.0 percent (both seasonally adjusted and unadjusted) for the week ending June 21. The Refinance Index fell 5 percent from the previous week, dipping to its lowest level since November 2011. The refinance share of total mortgage activity also declined, falling to 67 percent–the lowest level since July 2011.[COLUMN_BREAK]Meanwhile, the seasonally adjusted Purchase Index actually rose, increasing 2 percent on a seasonally adjusted basis and 1 percent unadjusted. Last week’s Purchase Index was 16 percent higher than the same week last year.””Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year,”” said Mike Fratantoni, VP of research and economics for MBA. “”Mortgage rates increased by the most in a single week since 2011, and refinance application volume dropped to its lowest level in almost two years.””Fratantoni also noted that government purchase applications declined further last week–“”likely a function of the recent increase in FHA [Federal Housing Administration] mortgage insurance premiums””–to a share of 28 percent, the lowest level in the history of that series.The average contract interest rate for a 30-year fixed-rate mortgage was 4.46 percent last week, MBA reported, the highest rate since August 2011. Points fell to 0.35 for 80 percent loan-to-value ratio loans. application,Refinance Applications Fall as Rates Rocket Share Agents & Brokers Attorneys & Title Companies Investors Lenders & Servicers Mortgage Applications Mortgage Rates Purchase Loans Refinance Service Providers 2013-06-26 Tory Barringercenter_img in Origination June 26, 2013 430 Views last_img

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first_img Your browser does not support the audio element. Top Stories Former Cardinals kicker Phil Dawson retires That calmness in the huddle and the confidence and trust that is instilled upon Palmer by his teammates is one of the reasons why he is constantly mentioned in the league MVP conversation.All those attributes were on display with 1:03 left to play and the game tied at 31.  There was all the confidence in the world that Palmer would have no problem leading a drive to set up Chandler Catanzaro’s 32-yard field goal.“He has the trust in everyone in that huddle to make that play and be at the right spot at the right time,” Brown said.  “Carson does a great job with the accuracy and throwing the ball right, and the offensive line is blocking for him. He’s not in the back field panicking, he’s just relaxing and calm.” Arizona Cardinals wide receiver John Brown (12) celebrates his touchdown against the Cincinnati Bengals during the second half of an NFL football game, Sunday, Nov. 22, 2015, in Glendale, Ariz. (AP Photo/Rick Scuteri) LISTEN: John Brown – Cardinals WR “Looking at the beginning of that play, I saw the safety cheat over to my side and when the ball was snapped Carson gave the safety a look to the other side as I was running my route,” Brown said on Arizona Sports 98.7 FM’s Off The Edge with B-Train. “I gave him a double move post. I faked him and faded back out. When I fade out, he jumped out and that gave me the separation and Carson made a great throw. He put his eyes right on the safety and took the safety right where he needed to go and it was a perfect play.”The resulting touchdown catch gave the Cardinals their first lead of the night, 21-14, with 4:45 left in the quarter. Brown’s catch was  followed a few minutes later by a 16-yard strike from Palmer to David Johnson, part of three touchdowns scored in the third quarter to give the Cards a 28-14 lead heading into the fourth.It was a far cry from how the game started in which Palmer threw two interceptions, with the second one leading to a Bengals touchdown.However, despite the slow start, Brown said the team never lost confidence in Palmer and there was no reason to panic.“He wanted to put (the Bengals) away early. He came cussing in the huddle and said, ‘I messed up those last two drives. Alright I’m ready, let’s get on point.’ From there we just went rolling. We knew what we had to do and we believed in him.” Derrick Hall satisfied with D-backs’ buying and selling It was a combination of little things between Arizona Cardinals wide receiver John Brown and quarterback Carson Palmer that resulted in Brown catching a 18-yard touchdown pass in the third quarter of Sunday night’s 34-31 win over the Cincinnati Bengals.The little things that a majority of fans watching on TV probably didn’t catch. It was little things like a simple eye movement by Palmer to Bengals cornerback Darqueze Dennard, and the presence of mind of Brown to see Dennard cheating one way or the other and taking advantage of it. – / 31 Grace expects Greinke trade to have emotional impact 0 Comments   Share   The 5: Takeaways from the Coyotes’ introduction of Alex Meruelolast_img