Mortgage applications decreased by 1.2% on a seasonally-adjusted basis during the week ending on November 4th, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. This brings the Market Composite Index to its newest low since May 2016. On an unadjusted basis, the Index decreased by 2% within this period.
The Refinance Index decreased by 3% during the same period. The seasonally-adjusted Purchase Index increased by 1%, while the unadjusted Purchase Index decreased by 1%.
The refinance share of mortgage activity decreased to 62.3% of total applications, down from 62.7% the previous week. The adjustable-rate mortgage share increased to 4.5%, and the FHA share increased to 11.6%. The VA share of mortgage applications fell to 12.3%, and the USDA share remained at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) has grown to 3.77%, the highest rate since June, from 3.75%. Points for 80% loan to value (LTV) loans increased to 0.38 from 0.36. (All 80% LTV loan reports include the origination fee.)
For 30-year fixed-rate mortgages with jumbo loan balances ($417,000 or more), the average contract interest rate increased again to its highest level since June at 3.75% from 3.74%. Points for 80% LTV loans decreased to 0.27 from 0.32.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.61% from 3.59%. Points for 80% LTV loans increased to 0.35 from 0.33.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.03% from 3.04%, with 80% LTV loan points increasing to 0.38 from 0.36. For 5/1 ARMs, the average contract interest rate decreased to 2.92% from 2.97%, and the points for 80% LTV loans increased to 0.47 from 0.40.
