Mortgage applications have decreased by 2.3% over the previous week on a seasonally-adjusted basis for the week ending December 8th, 2017, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell 4% over the previous week. The Refinance Index fell 3% from the previous week. The seasonally-adjusted Purchase Index fell 1% from one week earlier, and the unadjusted Purchase Index fell 6%.
The refinance share of mortgage activity rose to its highest level since January 2017 at 52.4% of total applications. The adjustable-rate mortgage (ARM) share of activity fell to 5.6% of total applications. The FHA share of total applications rose to 11.8% from 11.1% the previous week, the VA share fell to 10.3% from 10.7%, and the USDA share of total applications fell to 0.7% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) rose to 4.20% from 4.19%. Points for 80% loan-to-value ratio (LTV) loans fell to 0.39 from 0.40. (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 $424,100) fell to 4.11% from 4.16%. Points remained unchanged for 80% LTV loans at 0.28, 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 its highest level since April 2017, 4.13%, from 4.11%. Points for 80% LTV loans fell to 0.39 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.61%, its highest level since March 2017, from 3.59%. Points for 80% LTV loans fell to 0.44 from 0.48, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.42% from 3.48%. Points for 80% LTV loans rose to 0.48 from 0.46, and the effective rate decreased from last week.
