Mortgage applications have risen by 0.3% on a seasonally-adjusted basis over the course of the week ending March 2, 2018, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. The previous week’s results included an adjustment for the Presidents’ Day holiday.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose by 13% over the previous week. The Refinance Index rose 2% over the same period. The seasonally-adjusted Purchase Index fell 1%, while the unadjusted Purchase Index rose 13%.
The refinance share of mortgage activity remained unchanged at 41.8%. The adjustable-rate mortgage (ARM) share of activity rose to 7.3% of total applications, the highest level since June 2017. The FHA share of total applications fell to 10.1% from 10.3%, the VA share of total applications fell to 9.9% from 10.7%, and the USDA share of total applications rose to 0.9% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.65% from 4.64%, up to its highest level since January 2014. Points for 80% loan-to-value ratio (LTV) loans fell to 0.58 from 0.63. (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 4.57%. Points for 80% LTV loans rose to 0.52 from 0.51, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.68%. Points for 80% LTV loans rose to 0.79 from 0.75, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.11% from 4.07%, up to its highest level since April 2011. Points for 80% LTV loans rose to 0.64 from 0.59, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.81% from 3.85%. Points for 80% LTV loans fell to 0.46 from 0.59, and the effective rate decreased from last week.
