Mortgage applications rose by 1.6% on a seasonally-adjusted basis from one week earlier for the week ending September 14th, 2018, according to data from the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association. (Last week’s results include an adjustment for the Labor Day holiday.)
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 12% from the previous week. The Refinance Index rose by 4% over the same timeframe. The seasonally-adjusted Purchase Index rose 0.3%, and the unadjusted Index rose 9%.
The refinance share of mortgage activity rose to 39.0% of all applications, up from 37.8% the previous week. The adjustable-rate mortgage (ARM) share rose to 6.5% of all applications. The FHA share rose to 10.6% from 10.4%, the VA share fell to 10.0% from 10.5%, and the USDA share fell to 0.7% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.88%, its highest level since April 2011, from 4.84% the previous week. Points for 80% loan-to-value ratio (LTV) loans fell to 0.44 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 4.77% from 4.72%. Points for 80% LTV loans fell to 0.28 from 0.47, 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 4.90% from 4.84%. Points for 80% LTV loans rose to 0.73 from 0.51, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.30% from 4.28%. Points for 80% LTV loans rose to 0.49 from 0.47, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.17% from 4.07%. Points for 80% LTV loans fell to 0.29 from 0.30, and the effective rate increased from last week.
