Mortgage applications were flat last week with a week earlier, the Mortgage Bankers Association said Wednesday.
The Market Composite Index, a measure of mortgage loan application volume, remained unchanged on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1% compared with the previous week. The Refinance Index decreased 1% from the previous week. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 9% higher than the same week one year ago.
The refinance share of mortgage activity increased to 49.0% of total applications from 48.7% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications.
The FHA share of total applications increased to 10.6% from 10.4% the week prior. The VA share of total applications increased to 10.0% from 9.9% the week prior. The USDA share of total applications decreased to 0.7% from 0.8% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.18% from 4.22%, with points decreasing to 0.38 from 0.43 (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) decreased to 4.12% from 4.16%, with points decreasing to 0.24 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.05% from 4.07%, with points decreasing to 0.43 from 0.46 (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 3.51% from 3.52%, with points remaining unchanged at 0.44 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs remained unchanged from the week prior at 3.33%, with points increasing to 0.59 from 0.50 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
