According to the latest Mortgage Bankers Association’s Weekly Mortgage Application Survey, Market Composite Index, a measure of mortgage loan application volume, fell by 9.7% on a seasonally-adjusted basis for the week ending September 15, 2017. (Last week’s results included an adjustment for the Labor Day holiday.)
On an unadjusted basis, the Index increased by 12% from one week earlier. The Refinance Index decreased by 9% over the same period. The seasonally-adjusted Purchase Index decreased by 11%, while the unadjusted Purchase Index increased by 10%.
The refinance share of mortgage activity rose to 52.1% of total applications, up from 51.0% the previous week. The adjustable-rate mortgage share of activity rose to 6.8% of total applications. The FHA share remained unchanged at 9.9%, the VA share fell to 10.1% from 10.3% the previous week, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.04%, up from 4.03% the previous week. Points for 80% loan-to-value ratio (LTV) loans remained unchanged at 0.40, 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) decreased to 3.99%, down from 4.00% the previous week. Points for 80% LTV loans fell to 0.23 from 0.24, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.97% from 3.94%. Points for 80% LTV loans remained unchanged at 0.34, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.35% from 3.30%. Points for 80% LTV loans rose to 0.44 from 0.39 for 80%, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.30% from 3.17%, and points for 80% LTV loans fell to 0.34 from 0.36. The effective rate increased from last week.
