Mortgage applications fell by 3.3% on a seasonally-adjusted basis from one week earlier for the week ending March 30th, 2018, in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 5% from the previous week.
The Refinance index fell by 2% over the same period. Both the seasonally-adjusted Purchase index and the unadjusted Purchase index fell by 2%.
The refinance share of mortgage activity fell to 38.5% of total applications, the lowest share of total applications since September 2008, down from 39.4% the previous week. The ARM share of activity decreased to 6.5% of total applications.
The FHA share of total applications rose to 10.1% from 9.9% the previous week. The VA share of total applications remained unchanged at 10.3%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.69%. Points for 80% loan-to-value ratio (LTV) loans also remained unchanged at 0.43. (All 80% LTV loan reports include the origination fee.) The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) fell to 4.56% from 4.60%. Points for 80% LTV loans fell to 0.27 from 0.36, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.74% from 3.75%. Points for 80% LTV loans fell to 0.54 from 0.56, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.09%. Points for 80% LTV loans fell to 0.42 from 0.46, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.87% from 3.92%. Points for 80% LTV loans fell to 0.28 from 0.46, and the effective rate decreased from last week.
