Mortgage application volume rose by 4.8% from one week earlier on a seasonally-adjusted basis for the week ending March 23rd, 2018, according to the Mortgage Bankers Association’s most recent Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 5% over the previous week. The Refinance index rose 7% over the same period of time. The seasonally-adjusted Purchase Index rose 3%, while the unadjusted Purchase Index rose 4%.
The refinance share of mortgage activity rose to 39.4% of total applications, up from 38.5% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 7.0%. The FHA share of total applications fell to 9.9% from 10.3%, the VA share of total applications fell to 10.3% from 10.7%, 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 4.69% from 4.68% the previous week. Points for 80% loan to value ratio (LTV) loans fell to 0.43 from 0.46. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.60% from 4.55%. Points for 80% LTV loans fell to 0.36 from 0.37, and the effective rate increased form last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.75% from 4.69%. Points for 80% LTV loans fell to 0.56 from 0.81, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.09% from 4.12% the previous week. Points for 80% LTV loans fell to 0.46 from 0.51, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.92% from 3.83% the previous week. Points for 80% LTV loans fell to 0.46 from 0.68, and the effective rate increased from last week.
