Mortgage applications fell by 0.1% on a seasonally-adjusted basis from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 31st, 2018.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 2% from the previous week’s level. The Refinance Index fell by 1% over the same period. The seasonally-adjusted Purchase Index rose 1%, and the unadjusted Purchase Index fell 2%.
The refinance share of mortgage activity rose to 38.9% of total applications, up from 38.7% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.1% of total applications. The FHA share of total applications, remained unchanged at 10.2%, the VA share fell to 10.0% from 10.5%, and the USDA share rose to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.80% from 4.78%. Points for 80% loan to value ratio (LTV) loans fell to 0.43 from 0.46. (All 80% LTV loan reports include the origination fee.) The effective rate remained unchanged from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) fell to 4.67% from 4.68%. Points for 80% LTV loans remained unchanged at 0.30, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.79% from 4.77%. Points for 80% LTV loans fell to 0.69 from 0.75, and the effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.23% from 4.24% the previous week. Points for 80% LTV loans fell to 0.45 from 0.48, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.09% from 3.95%. Points for 80% LTV loans fell to 0.31 from 0.34, and the effective rate increased from last week.
