The Mortgage Bankers Association’s Market Composite Index fell by 0.5% on a seasonally-adjusted basis over the course of the week ending September 22nd, 2017, according to the MBA Weekly Survey.
On an unadjusted basis, mortgage applications fell by 1% compared to the previous week. The Refinance Index decreased by 4% over the same period. The seasonally adjusted Purchase Index increased by 3%, and the unadjusted Purchase Index increased by 2%.
The refinance share of mortgage activity decreased to 50.8% of total applications, down from 52.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.5% of total applications. The FHA share of total applications decreased to 9.6% from 9.9%, the VA share decreased to 10.0% from 10.1%, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.11% from 4.04% the previous week. Points for 80% loan-to-value (LTV) loans remained constant at 0.40, and the effective rate increased 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) increased to 4.06% from 3.99%. Points for 80% LTV loans increased to 0.26 from 0.23, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.98%, up from 3.97% the previous week. Points for 80% LTV loans increased to 0.50 from 0.34, and the effective rate increased from last week
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.38% from 3.35%. Points for 80% LTV loans decreased to 0.40 from 0.44, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.38% from 3.30%. Points for 80% LTV loans increased to 0.45 from 0.34, and the effective rate increased from last week.
