Mortgage applications fell by 0.4% on a seasonally-adjusted basis from one week earlier for the week ending September 29th, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. This marks the third straight week of decreases in mortgage applications.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan activity, fell by 1% over the previous week. The Refinance Index fell by 2% from the previous week, and both the seasonally-adjusted and the unadjusted Purchase Index increased by 1% over the same period.
The refinance share of mortgage activity fell to 50.1% of total applications, down from 50.8% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.0% of total applications. The FHA share of total applications rose to 10.0%, up from 9.6% the previous week. The VA share of total applications remained unchanged at 10.0%, and the USDA share rose to 0.8% from 0.7% the week before.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) rose to 4.12% from 4.11%. Points for 80% loan to value ratio (LTV) loans rose to 0.45 from 0.40. (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 $424,100) rose to 4.09% from 4.06%. Points for 80% LTV loans remained unchanged at 0.26, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by FHA rose to 3.99% from 3.98%. Points for 80% LTV loans fell to 0.37 from 0.50, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.42% from 3.38% last week. Points for 80% LTV loans fell to 0.39 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 5/1 adjustable-rate mortgages fell to 3.30% from 3.38%. Points for 80% LTV loans fell to 0.43 from 0.45, and the effective rate decreased from last week.
