Mortgage applications decreased by 3.1% over the course of the week ending November 24th, 2017, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. (This week’s results include an adjustment for the Thanksgiving holiday.)
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell 34% from the previous week. The Refinance index fell 8% from the previous week, down to its lowest level since January, and the seasonally-adjusted Purchase index rose 2%, up to its highest level since September. The unadjusted Purchase index fell 32% over the previous week.
The refinance share of mortgage activity fell to 48.7% of total applications, down from 49.9% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.2% of total applications. The FHA share rose to 10.8% from 10.6%, the VA share increased to 11.0% from 10.7%, and the USDA share of total applications rose to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.20%. Points for 80% loan-to-value ratio (LTV) loans fell to 0.34 from 0.32, 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) fell to 4.14% from 4.16%. Points for 80% LTV loan reports fell to 0.27 from 0.30, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.07% from 4.08%. Points fell to 0.37 from 0.42 for 80% LTV loan reports, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.57% from 3.56%. Points for 80% LTV loan reports fell to 0.40 from 0.42, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.42% from 3.41%. Points for 80% LTV loan reports rose to 0.58 from 0.38, and the effective rate increased from last week.
