The Market Composite Index, a measure of mortgage loan application volume, decreased by 0.1% on a seasonally-adjusted basis for the week ending April 28th, 2017, according to data from the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association. On an unadjusted basis, the Index increased by 1% over the same period.
The Refinance Index decreased by 5% over the previous week. The Purchase Index increased 4% on a seasonally-adjusted basis, and 5% on an unadjusted basis.
The refinance share of mortgage activity decreased to 41.6% of all applications, down from 44.0% the previous week. The adjustable-rate mortgage (ARM) share decreased to 8.4% of total applications. The FHA share increased to 10.4% from 10.0%, the VA share decreased to 10.8% from 10.9%, and the USDA share of total applications remained unchanged at 0.8%
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23%, up from 4.20% the previous week. Points for 80% loan to value (LTV) loans decreased to 0.32 from 0.37, and the effective rate increased from last week. (All 80% LTV loan reports include the origination fee.)
For 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less), rates increased to 4.18% from 4.15%. Points for 80% LTV loans decreased to 0.23 from 0.27, and the effective rate increased from last week. Rates for 30-year fixed-rate mortgages backed by the FHA increased to 4.06% from 4.03%, with points for 80% LTV loans decreasing to 0.24 from 0.34. The effective rate remained unchanged.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.51% from 3.46%. Points for 80% LTV loans decreased to 0.32 from 0.50, and the effective rate was unchanged. The average contract interest rate for 5/1 ARMs increased to 3.29% from 3.22%. Points for 80% LTV loans decreased to 0.14 from 0.18, and the effective rate increased.
