Mortgage applications rose by 4.9% from one week earlier on a seasonally-adjusted basis for the week ending April 13th, 2018, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose by 6% over the previous week. The Refinance Index increased by 4%, and the seasonally-adjusted Purchase Index rose 6%. The unadjusted Purchase Index rose 7% over the previous week.
The refinance share of mortgage activity fell again to 37.6% of total applications, the lowest share since September 2008, from 38.4% the previous week. The ARM share of activity rose to 6.6% of total applications. The FHA share fell to 10.6% from 11.0%, the VA share fell to 10.4% from 10.9%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.66%. Points for 80% loan-to-value ratio (LTV) loans also remained unchanged at 0.46. (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 $453,100) remained unchanged at 4.53%. Points for 80% LTV loans rose to 0.38 from 0.31, 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 4.70% from 4.66%. Points for 80% LTV loans fell to 0.53 from 0.76, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.08%. Points for 80% LTV loans fell to 0.47 from 0.50, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.94% from 3.93%. Points for 80% LTV loans fell to 0.43 from 0.60, and the effective rate decreased from last week.
