The Market Composite Index measure of mortgage loan application volume has decreased 2.7% on a seasonally adjusted basis for the week ending March 17, 2017, according to the Mortgage Bankers Association’s Weekly Mortgage Application Survey.
On an unadjusted basis, the Index decreased by 2% over the same one-week period. The Refinance Index decreased 3%, and the Government Refinance Index decreased 12%, down to the lowest level since December 2014. The Purchase Index decreased by 2% on both a seasonally adjusted and an unadjusted basis.
The refinance share of mortgage activity decreased to 45.1% of total applications, down from 45.6% the previous week. The adjustable-rate mortgage share increased to 9.0% of all applications, the highest level since October 2014. The FHA share decreased to 10.9% from 11.1%, and the VA share decreased to 10.1% from 11.1%. The USDA share remained unchanged at 0.9%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.46%. Points for 80% loan to value ratio (LTV) loans increased to 0.41 from 0.37. (All point reports include the origination fee.) The effective rate remained unchanged from last week.
For 30-year fixed-rate mortgages with jumbo loan balances (over $424,100), average contract interest rates fell to 4.40% from 4.46%. Points for 80% LTV loans increased to 0.37 from 0.28, and the effective rate decreased from last week.
For 30-year fixed-rate mortgages backed by the FHA, average contract interest rates rose to 4.33%, the highest level since January 2014, from 4.29. Points increased to 0.40 from 0.39 for 80% LTV loans. The effective rate increased from last week.
Average contract interest rates for 15-year fixed-rate loans increased to 3.68% from 2.66%, with points decreasing to 0.37 from 0.45 for 80% LTV loans. There is no change in the effective rate.
The rate for 5/1 ARMs decreased to 3.41 from 3.45%, and points for 80% LTV loans rose to 0.25 from 0.24. The effective rate decreased from last week.
