Mortgage applications fell by 1.7% on a seasonally-adjusted basis from one week earlier for the week ending August 24, 2018, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 3% from the previous week. The Refinance Index also fell by 3% from the previous week. The seasonally-adjusted Purchase Index fell 1% over the same period, and the unadjusted Index fell 3%.
The refinance share of mortgage activity remained unchanged at 38.7%. The adjustable-rate mortgage (ARM) share fell to 6.3% of total applications. The FHA share remained unchanged at 10.2%, the VA share remained unchanged at 10.5%, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) fell to 4.78% from 4.81%, its lowest rate since the week ending July 20th, 2018. Points for 80% loan-to-value ratio (LTV) loans rose to 0.46 from 0.42. (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) remained unchanged at 4.68%. Points for 80% LTV loans rose to 0.30 from 0.28, and the effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.77% from 4.82%. Points for 80% LTV loans rose to 0.75 from 0.69, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.24% from 4.25%. Points for 80% LTV loans rose to 0.48 from 0.47, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.95% from 4.00%. Points for 80% LTV loans fell to 0.34 from 0.52, and the effective rate decreased from last week.
