Mortgage applications rose by 2.9% on a seasonally-adjusted basis from one week earlier for the week ending September 21st, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose by 2% over the previous week. The Refinance Index rose by 3% over the same period. The seasonally-adjusted Purchase Index rose by 3%, while the unadjusted Purchase Index rose 2%.
The refinance share of mortgage activity rose to 39.4% of all applications, up from 39.0% the previous week. The adjustable-rate mortgage (ARM) share remained unchanged at 6.5%. The FHA share fell to 10.4% from 10.6%, the VA share rose to 10.1% from 10.0%, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to its highest level since April 2011 at 4.97%, up from 4.88% the previous week. Points for 80% loan-to-value ratio (LTV) loans rose to 0.47 from 0.44. (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 4.92% from 4.77%. Points for 80% LTV loans rose to 0.30 from 0.28, 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 4.94% from 4.90%. Points for 80% LTV loans rose to 0.83 from 0.73, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.38% from 4.30% the previous week. Points for 80% LTV loans rose to 0.52 from 0.49, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.22%, the highest level in the history of the survey, from 4.17% the previous week. Points for 80% LTV loans rose to 0.60 from 0.29, and the effective rate increased from last week.
