Mortgage applications increased 9.9% last week from a week earlier, according the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2017. This week’s results included an adjustment for the Labor Day holiday.
The Market Composite Index increased 9.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13% compared with the previous week. The Refinance Index increased 9% from the previous week. The seasonally adjusted Purchase Index increased 11% from one week earlier. The unadjusted Purchase Index decreased 13% compared with the previous week and was 7% higher than the same week one year ago.
The refinance share of mortgage activity increased to 51.0% of total applications from 50.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.7% of total applications.
The FHA share of total applications increased to 9.9% from 9.6% the week prior. The VA share of total applications increased to 10.3% from 9.7% the week prior. The USDA share of total applications remained unchanged from the week prior at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.03% from 4.06%, with points increasing to 0.40 from 0.38 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.00% from 3.96%, with points increasing to 0.24 from 0.20 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.94% from 3.98%, with points decreasing to 0.34 from 0.35 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.30% from 3.34%, with points increasing to 0.39 from 0.38 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.17% from 3.14%, with points increasing to 0.36 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
