The Mortech-MortgageDaily.com Mortgage Market Index was 355 for the week ended Aug. 25.
The index rose from 350 last week.
The index has been higher each week since July 28, when it stood at 310.
4 Weeks of Rising Mortgage Activity
During early trading today, the Dow Jones Industrial Average briefly fell nearly 200 points.
As investors retreated to the relative safety of U.S. Treasuries, the yield on the 10-year Treasury fell to 2.477 percent.
The Treasury movement suggests that the average 30-year fixed-rate mortgage has moved to the lowest level of any week tracked by Freddie Mac since it started its mortgage survey in 1971.
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Mortgage Rates Poised for New Lows
The Second Quarter 2010 FraudBlogger.com Index was 1699.
The index was higher than the prior quarter’s 1144 and also elevated from a year earlier.
The latest index was impacted by a surge in active cases as the Obama administration’s Operation Stolen Dreams targeted mortgage fraud activity.
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Mortgage Fraud Cases Jump 55%
The average closing costs on a mortgage used to purchase a home is $3,741, according to Bankrate Inc.
Last year’s U.S. average was just $2,732.
Costs reflect origination, title and settlement fees on a 30-year fixed-rate loan for $200,000 with an 80 percent loan-to-value.
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Closing Costs Jump
The average 30-year fixed-rate mortgage fell 5 basis points to the lowest level on record, Freddie Mac reported.
The average 15-year fixed-rate mortgage was down 3 BPS to a new record.
An indication of where mortgage rates are headed in the short term, the yield on the 10-year Treasury bond, tumbled 20 BPS — suggesting mortgage rates could come in 10 to 15 BPS lower in next week’s reports.
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Record Rates Poised for Further Decline
Mortgage rates headed lower this week, prompting an uptick in new activity. The Mortech-MortgageDaily.com Mortgage Market Index was 325 for the week ended Aug. 11, improving from 313 a week earlier.
Refinances help prop up the index, with the total refinance share rising to 62 percent from 60 percent the prior week.
Fueling the increased activity was a decline in mortgage rates.
The conventional 30-year fell around 6 basis points from last week.
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Rates Drop, Mortgage Activity Higher
Another decline in mortgage rates didn’t prompt an increase in mortgage activity.
But an improvement was noted in the jumbo spread. The Mortech-MortgageDaily.com Mortgage Market Index edged up to 313 for the week ended Aug. 4.
A week earlier, the index was 310.
The unimpressive gain came even though the conventional 30-year mortgage slipped 7 basis points from last week to 4.414 percent.
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Activity Idles, Rates Fall & Jumbo Spread Improves
The Mortgage Market Index for the week ended Wednesday was 310.
A week earlier the index came in at 333.
The conventional 30-year mortgage was unchanged.
But the jumbo 30-year fell 5 basis points — cutting the spread between the conventional and jumbo mortgage to 94 BPS from last week’s 99 BPS.
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2nd Weekly Decline for Mortgage Activity
Falling mortgages rates weren’t enough to push the Mortech-MortgageDaily.com Mortgage Market Index, higher.
Meanwhile, the jumbo-conventional spread declined. The Mortgage Market Index for the week ended July 21 declined 1 point from a week earlier.
The weak performance came despite a 7-basis-point decline in the conventional 30-year. An 8-basis-point decline in the jumbo 30-year cut the jumbo-convention spread by 1 basis point.
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Rates Fall, Activity Eases
Homebuilder confidence fell in June to its lowest level in over a year, as consumer demand for housing continued to shrink following the end of the homebuyer tax credit.