According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 28, 2017, mortgage applications dropped by 2.8% on a seasonally-adjusted basis from the previous week. On an unadjusted basis, the Market Composite Index fell by 3% over the same period.
The Refinance Index fell by 4% from the previous week, and both the seasonally-adjusted and the unadjusted Purchase index fell 2% over the same period.
The refinance share of mortgage activity fell to 45.5% of total applications, down from 46.0% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.6% of total applications. The FHA share rose to 10.3% from 10.2%, the VA share decreased to 10.1% from 10.5%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.17%. Points for 80% loan-to-value (LTV) loans of this type decreased to 0.36 from 0.40. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.11% from 4.06%. Points for 80% LTV loans increased to 0.25 from 0.24, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.07% from 4.05%. Points for 80% LTV loans decreased to 0.35 from 0.44, and the effective rate decreased from last week.
For 15-year fixed rate mortgages, the average contract interest rate remained at 3.45%. Points for 80% LTV loans decreased to 0.44 from 0.45, and the effective rate remained unchanged.
The average contract interest rate for 5/1 ARMs increased to 3.30% from 3.29%. Points for 80% LTV loans increased to 0.29 from 0.26, and the effective rate increased from last week.
