The Market Composite Index, a measure of mortgage loan application volume, fell by 0.2% on a seasonally-adjusted basis for the week ending April 20th, 2018, according to data from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index rose 1% over the previous week. The Refinance index has fallen 0.3% over the same period. The seasonally-adjusted Purchase Index was unchanged from one week earlier, while the unadjusted Purchase Index rose 1%.
The refinance share of mortgage activity continued to fall to 37.2% of total applications, the lowest level since September 2008, down from 37.6% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.5% of total applications. The FHA share fell to 10.2% from 10.6%, the VA share fell to 10.1% from 10.4%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to its highest level since September 2013 at 4.73%, up from 4.66% the previous week. Points for 80% loan-to-value ratio (LTV) loans rose to 0.49 from 0.46. (All 80% LTV loan reports include the origination fee.) 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) rose to its highest level since January 2014, 4.64%, from 4.53% the previous week. Points for 80% LTV loan reports rose to 0.39 from 0.38, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.71% from 4.70%. Points for 80% LTV loans rose to 0.79 from 0.53, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to its highest level since April 2011, 4.13%, up from 4.08% the previous week. Points for 80% LTV loans rose to 0.52 from 0.47, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to its highest level since February 2011, 3.98%, from 3.94%. Points for 80% LTV loans rose to 0.44 from 0.43, and the effective rate increased from last week.
