Mortgage applications decreased 2.5% last week from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 27, 2018.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.
The Refinance Index decreased 4% from the previous week. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 5% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 36.5% of total applications, its lowest level since September 2008, from 37.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.7% of total applications.
The FHA share of total applications increased to 10.3% from 10.2% the week prior. The VA share of total applications increased to 10.2% from 10.1% the week prior. The USDA share of total applications remained unchanged at 0.8% from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since September 2013, 4.80%, from 4.73%, with points increasing to 0.53 from 0.49 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to its highest level since September 2013, 4.69%, from 4.64%, with points increasing to 0.42 from 0.39 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since July 2011, 4.81%, from 4.71%, with points decreasing to 0.78 from 0.79 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since February 2011, 4.21%, from 4.13%, with points decreasing to 0.49 from 0.52 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to a survey high of 4.03%, from 3.98%, with points remaining unchanged at 0.44 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
