Mortgage applications fell by 2.0% on a seasonally-adjusted basis from the week before for the week ending August 10th, 2018, according to data from 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 3% from one week earlier. The Refinance index remained unchanged from the previous week. The seasonally-adjusted Purchase Index fell 3% over the same period, while the unadjusted Purchase Index fell 4%.
The refinance share of mortgage activity rose to 37.6% of total applications, up from 36.6% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.2% of total applications. The FHA share of applications remained unchanged at 10.4%, the VA share remained unchanged at 10.6%, 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 4.81% from 4.84% the previous week. Points for 80% loan-to-value ratio (LTV) loans fell to 0.43 from 0.45. (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 4.73% from 4.74% the previous week. Points for 80% LTV loans fell to 0.29 from 0.39, 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 4.77% from 4.83%. Points for 80% LTV loans fell to 0.68 from 0.76, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.27% from 4.26%. Points for 80% LTV loans rose to 0.52 from 0.48, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 4.06% from 4.07%. Points for 80% LTV loans rose to 0.48 from 0.42, and the effective rate increased from last week.
