The Market Composite Index, a measure of mortgage loan application, rose by 3.0% on a seasonally-adjusted basis over the week ending August 4, 2017, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. On an unadjusted basis, the Index also increased by 3% compared to the previous week.
The Refinance index increased by 5% from the previous week. The seasonally-adjusted Purchase index increased by 1%, and the unadjusted Purchase Index increased by 0.3%.
The refinance share of mortgage activity increased to 46.7% of total applications, up from 45.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.8% of total applications. The FHA share of total applications fell to 10.2% from 10.3% the week prior. The VA share of total applications rose to 10.7% from 10.1%, and the USDA share of applications remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.14%, down from 4.17% the previous week. Points for 80% loan-to-value ratio (LTV) loans increased to 0.38 from 0.36, and the effective rate decreased from last week. (All 80% LTV loan reports include the origination fee.)
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.07% from 4.11%. Points for 80% LTV loans rose to 0.26 from 0.25. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.02% from 4.07%. Points for 80% LTV loans increased to 0.38 from 0.35, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.41% from 4.45%. Points for 80% LTV loans decreased to 0.41 from 0.44, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.31% from 3.30%. Points for 80% LTV loans fell to 0.21% from 0.29%, and the effective rate decreased from last week.
