The Market Composite Index, a measure of mortgage loan application volume, fell 2.6% on a seasonally-adjusted basis for the week ending January 26th, 2018, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
On an unadjusted basis, mortgage loan application volume fell 12% from the previous week. The Refinance Index fell by 3% over the same period. The seasonally-adjusted Purchase Index fell 3%, and the unadjusted Purchase Index rose 15%.
The refinance share of mortgage activity fell to 47.8% of total applications from 49.4% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 5.7% of total applications. The FHA share of total applications fell to 10.7% from 11.4%, the VA share of total applications fell to 10.1% 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 ($453,100 or less) rose to 4.41% from 4.36%, up to its highest level since March 2017. Points for 80% loan-to-value ratio (LTV) loans rose to 0.56 from 0.54. (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 $453,100) rose to 4.34% from 4.31%, up to its highest level since March 2017. Points for 80% LTV loans rose to 0.40 from 0.38, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.40% from 4.37%, up to its highest level since September 2013. Points for 80% LTV loans rose to 0.68 from 0.65, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.85% from 3.81%, up to its highest level since April 2011. Points for 80% LTV loans rose to 0.60 from 0.52, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.79% from 3.70%, up to its highest level since March 2011. Points for 80% LTV loans rose to 0.41 from 0.39, and the effective rate increased from last week.
