Mortgage applications decreased by 3.4% on a seasonally-adjusted basis for the week ending May 26, 2017, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. On an unadjusted basis, total mortgage applications decreased by 4%, compared with the previous week.
The Refinance index decreased by 6% from the previous week. The seasonally-adjusted Purchase Index decreased by 1%, and the unadjusted Purchase Index decreased by 3%.
The refinance share of mortgage activity decreased to 43.2% of total applications, down from 43.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.7% of total applications. The FHA share of applications decreased to 10.5% from 10.8%. The VA share increased to 10.8% from 10.5%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.17%. For 80% loan to value ratio (LTV) loans of this type, points decreased to 0.32 from 0.39. (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 $424,100) remained unchanged at 4.11%. Points for 80% LTV loans decreased to 0.30 from 0.31, and the effective rate remained unchanged from last week.
For 30-year fixed-rate mortgages backed by the FHA, the average contract interest rate decreased to 4.03% from 4.07%. Points for 80% LTV loans decreased to 0.32 from 0.34, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.42% from 3.45%. Points for 80% LTV loans increased to 0.39 from 0.38, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.22% from 3.27%. Points for 80% LTV loans decreased to 0.33 from 0.35, and the effective rate decreased from last week.
