Mortgage applications fell by 0.2% from one week earlier on a seasonally-adjusted basis for the week ending July 20th, 2018, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, remained unchanged from the previous week. The Refinance Index rose by 1% from the previous week. Both the seasonally-adjusted and the unadjusted Purchase Index fell 1% from one week earlier.
The refinance share of mortgage activity rose to 36.8% of total applications, up from 36.5% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.3% of total applications. The FHA share fell to 9.9% of total applications from 10.6% the week before. The VA share remained unchanged at 10.2%, and the USDA share rose to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.77%. Points for 80% loan to value ratio (LTV) loans fell to 0.45 from 0.46. (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) rose to 4.72% from 4.66%. Points for 80% LTV loans rose to 0.31 from 0.30, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.78%. Points for 80% LTV loans rose to 0.73 from 0.69, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.23% from 4.22%. Points for 80% LTV loans rose to 0.44 from 0.42, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 4.09% from 4.12%. Points for 80% LTV loans fell to 0.29 from 0.39, and the effective rate decreased from last week.
