Forgotten Your Password?

Need to Register?

By Daniel Duffield

As a result of the fallout of Hurricane Sandy, mortgage applications decreased a noticeable 5% for the week ending on November 2, an industry trade group reported.

With many financial firms closed and borrower difficulties as a result of the storm, refinancing and purchase activity was greatly reduced, said the Mortgage Bankers Association (MBA). Considering each separately, home purchase dropped 7% from figures of the previous week, with the home refinancing index falling 5%.

According to Mike Fratantoni, the MBA’s vice president of research and economics, Hurricane Sandy had a substantial impact on mortgage application volume on the East Coast, falling 60% compared with the previous week in the state of New Jersey, declining nearly 50% in New York and almost 40% in Connecticut. Other states on the East Coast dropped during the week, though many states in other regions of the country saw mortgage application volume increases.

The 30-year fixed-rate mortgage (FRM) for conforming conventional loans dropped to 3.61% from the past week’s figure of 3.65%. Meanwhile, the 30-year jumbo FRM averaged 3.88%, declining from 3.94%.

For FHA loans, the 30-year FRM decreased slightly to 3.37% from 3.41%. Additionally, the 15-year FRM stayed fixed at 2.95%. In terms of adjustable-rate mortgages, the 5/1 ARM declined minimally to 2.61%.

Related Searches:

Didn't find the answer you wanted? Ask one of your own.

Get an answer
  • temp
    What is Quantitative Easing? View More
  • temp
    The 5 New Mortgage and Housing Trends for Summer 2013 View More
  • temp
    Fannie Mae profitability skyrockets View More
  • temp
    Foreclosure protections for more soldiers after lawmakers draft bill View More
  • temp
    FHFA: HARP success follows low mortgage rates, February refinance volume strong View More
  • temp
    Use of Mortgage Interest Deduction Depends on Where You Live View More
  • temp
    HUD will sell 40,000 distressed loans in 2013 View More
  • temp
    Mortgage Principal Reduction Could Save Taxpayers $2.8 Billion View More
  • temp
    Mortgage Applications Regain Traction after Sluggishness, Rates Continue to Fall View More
  • temp
    HARP 3.0 Discussions Reveal Little Hope for HARP Update View More
  • temp
    Home Prices Rise in February According to LPS Data View More
  • temp
    Balancing Act: House Committee Hears Opposing Viewpoints Over Mortgage Interest Rate Deduction View More
  • temp
    Near Record Low Mortgage Rates Buoy Housing Recovery View More
  • temp
    The Credit Block View More
  • temp
    CFPB Director Richard Cordray declared invalid by House Financial Services Committee View More

Related Articles

Subscribe to our news feed.