Mortgage applications increased by 0.1% on a seasonally-adjusted basis over the week ending August 11th, 2017, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, decreased by 1% compared to the previous week. The Refinance Index increased by 2% over the same period. The seasonally-adjusted Purchase Index decreased by 2%, while the unadjusted Purchase Index decreased by 3%.
The refinance share of mortgage activity increased to 47.8% of total applications, up from 46.7% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications. The FHA share remained unchanged at 10.2%. The VA share of total applications decreased to 10.5% from 10.7%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.12% from 4.14%, falling to its lowest level since November 2016. Points for 80% loan-to-value ratio (LTV) loans remained unchanged at 0.38. (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 4.04% from 4.07%. Points for 80% LTV loans increased to 0.27 from 0.26, and the effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.01% from 4.02%, and points for 80% LTV loans increased to 0.40 from 0.38. The effective rate remained unchanged.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.41%. Points for 80% LTV loans decreased to 0.35 from 0.41, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.34% from 3.31%. Points for 80% LTV loans increased to 0.29 from 0.21 for 80% LTV loans, and the effective rate increased from last week.
