Over the week ending October 27th, mortgage applications decreased by 2.6% on a seasonally-adjusted basis over one week earlier, 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, fell 3% over the previous week. The Refinance index fell 5% from the previous week. The seasonally-adjusted Purchase index fell 1%, and the unadjusted Purchase index fell 2%.
The refinance share of mortgage activity fell to 48.7% of total applications, down from 49.5% the previous week. The adjustable-rate mortgage (ARM) share rose to 6.8%. The FHA share of total applications rose to 10.4% from 9.8%, the VA share fell to 9.9% from 10.1%, 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 ($424,100 or less) rose to 4.22% from 4.18%, up to its highest level since July. Points for 80% loan-to-value ratio (LTV) loans rose to 0.43 from 0.42. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) also rose to its highest level since July at 4.16%, up from 4.11% last week. Points for 80% LTV loans rose to 0.27 from 0.24, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.07% from 4.04%, up to its highest level since July 2017. Poiints for 80% LTV loans rose to 0.46 from 0.41, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.52%, up to its highest level since March 2017, from 3.48%. Points for 80% LTV loans rose to 0.44 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.33% from 3.29%. Points for 80% LTV loans fell to 0.50 from 0.54. The effective rate increased from last week.
