According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey, the Market Composite Index, a measure of mortgage loan application volume, rose by 3.6% on a seasonally-adjusted basis over the week ending Oct. 13, 2017. (This week’s results include an adjustment for the Columbus Day holiday.)
Over the same period, the unadjusted Market Composite Index fell by 7%. The Refinance Index increased by 3% over the previous week. The seasonally adjusted Purchase Index rose by 4%, and the unadjusted Purchase Index fell 6%.
The refinance share of mortgage activity fell to 48.6% of total applications, down from 49.0% the previous week. The adjustable-rate mortgage share of mortgage activity fell to 6.1% of total applications. The FHA share of total applications rose to 10.4% from 10.3%, while the VA share fell to 10.5% from 10.6% and the USDA share increased to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) fell to 4.14% from 4.16% the previous week. Points for 80% loan-to-value (LTV) loans remained unchanged at 0.44. (All 80% LTV loan point 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) rose to 4.13% from 4.11%. Points for 80% LTV loans rose to 0.32 from 0.31, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.00%. Points for 80% LTV loans rose to 0.37 from 0.36, and the effective rate also remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.45%, up from 3.44% the previous week. Points for 80% LTV loans rose to 0.43 from 0.36, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.31% from 3.33%. Points for 80% LTV loans fell to 0.40 from 0.43, and the effective rate decreased from last week.
