The Mortgage Bankers Association’s Weekly Mortgage Applications Survey found that the seasonally-adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 4.6% over the week ending Oct 20th. (The previous week’s results include an adjustment for the Columbus Day holiday.)
On an unadjusted basis, the Market Composite Index rose 6% over the previous week. The Refinance Index fell by 3% over the same period. The seasonally-adjusted Purchase Index fell 6%, while the unadjusted Purchase Index rose 4%.
The refinance share of mortgage activity rose to 49.5% of total applications, up from 48.6% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.4%. The FHA share of total applications fell to 9.8% from 10.4%, the VA share of applications fell to 10.1% from 10.5%, 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 4.18% from 4.14%. Points for 80% loan to value ratio (LTV) loans fell to 0.42 from 0.44. (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%, down from 4.13%. Points for 80% LTV loans fell to 0.24 from 0.32, 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 4.04% from 4.00%. Points for 80% LTV loans increased to 0.41 from 0.37, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.48% from 3.45%. Points for 80% LTV loans fell to 0.40 from 0.43, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.29% from 3.31%. Points for 80% LTV loan reports rose to 0.54 from 0.40 for 80% LTV loans. The effective rate increased from last week.
