Mortgage applications fell by 1.5% on a seasonally-adjusted basis from one week earlier for the week ending June 8th, 2018, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. (Last week’s results included an adjustment for the Memorial Day holiday.)
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 9% from the previous week. The Refinance index fell by 2% over the same period. The seasonally-adjusted Purchase Index decreased by 2%, and the unadjusted Purchase Index rose 9%.
The refinance share of mortgage activity remained unchanged from the previous week at 35.6%. The adjustable-rate mortgage (ARM) share fell to 6.8% of all applications. The FHA share of applications rose to 10.6% from 9.7% the previous week. The VA share rose to 10.7% from 10.1% the previous week, 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 4.83% from 4.75%. Points for 80% loan-to-value ratio (LTV) loans rose to 0.53 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 4.74% from 4.70%. Points for 80% LTV loans rose to 0.37 from 0.35, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.83% from 4.77%. Points for 80% LTV loans rose to 0.78 from 0.70, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.23% from 4.21%. Points for 80% LTV loans rose to 0.51 from 0.50, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.11% from 4.08%. Points for 80% LTV loans rose to 0.56 from 0.41, and the effective rate increased from last week.
