Mortgage application volume fell by 1.9% on a seasonally-adjusted basis from one week earlier for the week ending April 6th, 2018, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 1% from the previous week. The Refinance Index fell by 2% over the same period. The seasonally-adjusted Purchase Index fell 2%, and the unadjusted Purchase Index fell by 1%.
The refinance share of mortgage activity continues to fall to its lowest level since September 2008 at 38.4%, down from 38.5% last week. The ARM share of activity fell to 6.3% of total applications. The FHA share of activity rose to 11.0% from 10.1%, the VA share of total applications rose to 10.9% from 10.3%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) fell to 4.66% from 4.69% the previous week. Points for 80% loan-to-value ratio (LTV) loans rose to 0.46 from 0.43. (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 $453,100) fell to 4.53% from 4.56%. Points for 80% LTV loans rose to 0.31 from 0.27, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.66% from 4.74%. Points rose to 0.76 from 0.54 for 80% LTV loans, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.08% from 4.09%. Points rose to 0.50 from 0.42 for 80% LTV loans, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to its highest level since February 2011 at 3.93%, up from 3.87% the previous week. Points for 80% LTV loans rose to 0.60 from 0.28, and the effective rate increased from last week.
