Mortgage applications rose 0.9% on a seasonally-adjusted basis from one week earlier for the week ending March 9th, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 2% from the previous week.
The Refinance Index fell 2% from the previous week. The seasonally-adjusted Purchase Index rose 3% over the previous week, while the unadjusted Purchase Index rose 5%.
The refinance share of mortgage activity has fallen to 40.1%, the lowest level recorded since September 2008, from 41.8% last week. The adjustable-rate mortgage (ARM) share of activity fell to 7.1% of all mortgage applications. The FHA share of total applications rose to 10.4% from 10.1%, the VA share of total applications rose to 10.3% from 9.9%, and the USDA share of total applications remained unchanged at 0.9%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.69% from 4.65%, up to its highest level since January 2014. Points for 80% loan to value ratio (LTV) loans fell to 0.45 from 0.58 during the same period. (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 4.55% from 4.56%. Points for 80% LTV loans fell to 0.33 from 0.52, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.73% from 4.68%, up to its highest level since July 2001. Points for 80% LTV loans fell to 0.76 from 0.79, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.07%, down from 4.11% the previous week. Points for 80% LTV loans fell to 0.46 from 0.64, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.93% from 3.81%, up to its highest level since February 2011. Points for 80% LTV loans fell to 0.45 from 0.46, and the effective rate increased from last week.
