Mortgage applications fell by 1.1% on a seasonally-adjusted basis from one week earlier for the week ending March 16th, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 1% over the previous week.
The Refinance index fell by 5% over the previous week. The seasonally-adjusted Purchase Index rose by 1%, while the unadjusted Purchase Index rose by 2%.
The refinance share of mortgage activity fell to 38.5% of total applications, down from 40.1% the previous week to again the lowest level since September 2008. The adjustable-rate mortgage (ARM) share of activity fell to 7.0% of total applications. The FHA share fell to 10.3% from 10.4%, the VA share of total applications rose to 10.7% from 10.3%, and the USDA share fell to 0.8% from 0.9%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) fell to 4.68% from 4.69%. Points for 80% loan-to-value ratio (LTV) loans rose to 0.46 from 0.45. (All 80% LTV loan reports include the origination fee.) The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) remained unchanged at 4.55%. Points rose to 0.37 from 0.33 for 80% LTV loans, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.69% from 4.73%. Points rose to 0.81 from 0.76 for 80% LTV loans, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased again to its highest level since April 2011 at 4.12%, up from 4.07%. Points for 80% LTV loans rose to 0.51 from 0.46, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.83% from 3.93%. Points rose to 0.68 from 0.45 for 80% LTV loans, and the effective rate decreased from last week.
