Mortgage application volume rose 4.5% on a seasonally-adjusted basis from one week earlier for the week ending January 19th, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. (This week’s results include an adjustment for the MLK Day holiday.)
On an unadjusted basis, the Market Composite Index fell 4% over the previous week. The Refinance Index rose 1% during the same period. The seasonally adjusted Purchase Index rose 6% over the previous week, while the unadjusted Purchase Index rose 2%.
The refinance share of mortgage activity fell to 49.4% of total applications, down from 52.2% the previous week. The adjustable-rate mortgage (ARM) share of activity remained at 5.2% of total applications. The FHA share of total applications fell to 11.4% from 11.7%. The VA share of applications rose to 10.9% from 10.7%, 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 4.36% from 4.33%, up to its highest level since March 2017. Points for 80% loan to value ratio (LTV) loans remained unchanged at 0.54. (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 4.31% from 4.25%, up to its highest level since March 2017. Points for 80% LTV loans rose to 0.38 from 0.36, 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 4.37% from 4.30%, up to its highest level since September 2018. Points for 80% LTV loans remained unchanged at 0.65, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.81% from 3.77%, up to its highest rate since September 2018. Points for 80% LTV loans rose to 0.52 from 0.44, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.70% from 3.62%, up to its highest rate since April 2011. Points for 80% LTV loans fell to 0.39 from 0.48, and the effective rate increased from last week.
