Mortgage applications rose 0.7% on a seasonally-adjusted basis from one week earlier for the week ending February 2, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure mortgage loan application volume, increased by 4% over the previous week. The Refinance index increased 1% from the previous week. The seasonally-adjusted Purchase Index remained unchanged from one week earlier, and the unadjusted Purchase Index rose 7% over the previous week.
The refinance share of mortgage activity fell to 46.4% of total applications, down to its lowest level since July 2017, from 47.8% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.1% of total applications. The FHA share fell to 10.4% from 10.7% the week prior, the VA share remained unchanged at 10.1%, and the USDA share fell to 0.7% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.50% from 4.41%, up to its highest level since April 2014. Points for 80% loan to value ratio (LTV) loans rose to 0.57 from 0.56. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.47% from 4.34%, up to its highest level since April 2014. Points for 80% LTV loans rose to 0.44 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.47% from 4.40%. Points for 80% LTV loans rose to 0.69 from 0.68, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.92% from 3.85%, up to its highest level since April 2011. Points for 80% LTV loans rose to 0.65 from 0.60, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.77% from 3.79%. Points for 80% LTV loans rose to 0.42 from 0.41, and the effective rate decreased from last week.
