PHH Mortgage, Citibank Mortgage Rate Deals Today Mar 2, 2017

The Washington-based industry group said its seasonally adjusted measure of loan applications for mortgage refinancing rose 5.1 percent to 1,290.8 in the week ended February 24.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.30% from 4.36%.

Despite the uptick in refinance activity, the share of refinances fell 1.1 percentage points to 45.1 percent of all applications, MBA reported.

The adjustable-rate mortgage share of activity was unchanged at 7.3%, while the Federal Housing Administration share increased to 12.3% from 11.6% the week prior.

Refinance applications increased by 5% to their highest level since December. The VA share of total applications decreased to 11.7 percent from 12.1 percent the week prior.

"Rates declined last week as investors favored U.S. Treasury bonds due mainly to political concerns from overseas", said Joel Kan, MBA associate vice president of industry surveys and forecasting. The best 30 year jumbo loans are published at 4.700% carrying an April of 4.7478%. Points for 80% LTV loans remained unchanged at 0.36, and the effective rate decreased from last week. The 10 year ARM interest rates have been quoted at 3.250% with an April of 3.866% to start.

The effective interest rate, however-which includes initial fees and charges over the life of the loan-was 4.30 percent, a 31-point increase. The 7 year refi ARM interest rates are being quoted at 2.625% now carrying an April of 3.141%.

Mortgage applications managed to increase despite the share of refinance applications reaching a record low as interest rates remain above 4%.

  • Zachary Reyes