Mortgage applications decreased by 2.1% on a seasonally-adjusted basis over the week ending October 6th, 2017, according to the Mortgage Bankers Association’s Weekly Survey and Market Composite Index, a measure of mortgage loan application volume. On an unadjusted basis, the Market Composite Index fell by 2% compared to the previous week.
The Refinance Index fell by 4% over the previous week. The seasonally-adjusted Purchase Index decreased by 0.1%, and the unadjusted Purchase Index rose 0.1%.
The refinance share of mortgage activity fell to 49.0% of total applications, down from 50.1% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.6% of total applications. The FHA share increased to 10.3% from 10.0%, the VA share increased to 10.6% from 10.0%, and the USDA share of total applications fell to 0.7% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) rose to 4.16% from 4.12% one week ago. Points for 80% loan-to-value ratio (LTV) loans fell to 0.44 from 0.45, and the effective rate increased from last week. (All 80% LTV loan reports include the origination fee.)
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) rose to 4.11% from 4.09%. Points for 80% LTV loans rose to 0.31 from 0.26, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.00% from 3.99%. Points for 80% LTV loans fell to 0.36 from 0.37, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.44%, up from 3.42% last week. Points for 80% LTV loans fell to 0.36 from 0.39, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.33% from 3.30%. Points for 80% LTV loans remained unchanged at 0.43, and the effective rate increased over last week.
