Mortgage applications have increased by 3.1% from the previous week on a seasonally-adjusted basis, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending November 10th, 2017. (This week’s results do not include an adjustment for the Veterans’ Day holiday.)
On an unadjusted basis, mortgage loan application volume rose by 2% over the previous week. The Refinance index increased by 6%. The seasonally-adjusted Purchase index rose 0.4%, and the unadjusted Purchase index fell 3%.
The refinance share of mortgage activity rose to 51.3% of total applications, up from 49.0% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.4% of total applications. The FHA share of total applications fell to 10.2% 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 ($424,100 or less) remained unchanged at 4.18%. Points for 80% loan-to-value ratio (LTV) loans rose to 0.40 from 0.38. (All 80% LTV loan reports include the origination fee.) The effective rate remained unchanged 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 4.12%. Points for 80% LTV loans rose to 0.26 from 0.24, and the effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.05%. Points for 80% LTV loans fell to 0.40 from 0.43, and the effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.54% from 3.51%, up to its highest level since March 2017. Points for 80% LTV loans fell to 0.43 from 0.44, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to its highest level since March 2017, 3.41%, from 3.33%. Points for 80% LTV loans fell to 0.37 from 0.59, and the effective rate remained unchanged from last week.
