Mortgage applications remained unchanged on a seasonally-adjusted basis from one week earlier in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 28th, 2018.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 0.2% over the same period. The Refinance Index fell by 0.1% from the previous week. The seasonally-adjusted Purchase Index rose by 0.1%, and the unadjusted Purchase Index fell by 0.2%.
The refinance share of mortgage activity remained unchanged at 39.4% of total applications. The adjustable-rate mortgage (ARM) share of activity rose to 7.1% of total applications. The FHA share fell to 10.2% from 10.4% the previous week. The VA share fell to 10.0% from 10.1%, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) fell to 4.96% from 4.97%. Points for 80% loan-to-value ratio (LTV) loans rose to 0.49 from 0.47. (All 80% LTV loan reports include the origination fee.) The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.93%, its highest level since July 2011, from 4.92% the previous week. Points for 80% LTV loans rose to 0.31 from 0.30, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.95%, its highest level since May 2011, from 4.94% the previous week. Points for 80% LTV loans fell to 0.80 from 0.83, and the effective rate remained unchanged.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.39%, its highest level since April 2010, from 4.38% the previous week. Points for 80% LTV loans fell to 0.50 from 0.52, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.24%, its highest level in the history of the survey, from 4.22% the previous week. Points for 80% LTV loans fell to 0.48 from 0.60, and the effective rate decreased from last week.
