According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey, mortgage application volume increased 1.5% on a seasonally-adjusted basis from one week earlier than the week ending April 7th, 2017. On an unadjusted basis, application volume increased 3% over the same period.
The Refinance Index remained unchanged, while the seasonally-adjusted Purchase index increased 3% and the unadjusted Purchase index increased 5%.
The average loan size for purchase applications reached a new survey high at $318,700. The refinance share of mortgage activity decreased to its lowest level since September 2008 at 41.6% of total applications, down from 42.6% one week earlier. The adjustable-rate mortgage (ARM) share of mortgage activity remained unchanged at 8.5%. The FHA share decreased to 10.7% from 11.1%, the VA share increased to 11.3% from 11.1%, and the USDA share remained unchanged at 1.0%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.28% from 4.34%. Points for 80% loan-to-value ratio (LTV) loans in this category increased to 0.38 from 0.31. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
For 30-year fixed rate mortgages with jumbo loan balances (over $424,100), average rates remained unchanged at 4.24%. Points for 80% LTV loans increased to 0.28 from 0.24, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.14% from 4.15%. Points for 80% LTV loans decreased to 0.29 from 0.32, and the effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.51% from 3.57%, with points for 80% LTV loans decreasing to 0.35 from 0.38. The effective rate decreased from last week.
Average contract interest rates for 5/1 ARMs remained unchanged at 3.33%. Points for 80% LTV loans increased to 0.17 from 0.13, and the effective rate increased from last week.
