According to data from the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications survey, the Market Composite Index, a measure of mortgage loan application volume, rose 0.4% on a seasonally adjusted basis over the week ending July 21, 2017. On an unadjusted basis, the Index increased by 1% over the same period.
The Refinance Index rose by 3% over the week ending July 21st, and both the seasonally-adjusted Purchase Index and the unadjusted Purchase Index fell by 2%.
The refinance share of mortgage activity increased to 46.0% of all applications, up from 44.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.8%. The FHA share of total applications decreased to 10.2% from 10.7%, the VA share decreased to 10.5% from 10.7%, and the USDA share increased 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) decreased to 4.17% from 4.22%. Points for 80% loan-to-value ratio (LTV) loans of this kind increased to 0.40, up from 0.31. (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 $424,100) decreased to 4.06% from 4.18%. Points for 80% LTV loans decreased to 0.24 from 0.30, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.05%, down from 4.10% the previous week. Points for 80% LTV loans increased to 0.44 from 0.30, and the effective rate decreased from last week.
For 15-year fixed-rate mortgages, the average contract interest rate fell to 3.45% from 3.48%. Points increased to 0.45 from 0.39 for 80% LTV loans, and the effective rate decreased from last week. For 5/1 ARMs, the average contract interest rate fell to 3.29% from 3.32%. Points for 80% LTV loans increased to 0.26 from 0.21, and the effective rate decreased from last week.
