On a seasonally-adjusted basis, mortgage applications fell by 4.1% from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Feburary 9th, 2018.

On an unadjusted basis, the Market Composite Index measure of mortgage loan application volume fell 2% from one week earlier. The Refinance Index fell 2% from the previous week, and the seasonally-adjusted Purchase Index fell 6% over the same period. The unadjusted Purchase Index fell 3% from the previous week.

The refinance share of mortgage activity rose to 46.5% of total applications from 46.4% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.3% of total applications. The FHA share of total applications fell to 10.1% from 10.4%, the VA share remained unchanged at 10.1%, and the USDA share rose to 0.8% from 0.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.57% from 4.50%, up to its highest rate since January 2014. Points for 80% loan-to-value ratio (LTV) loans rose to 0.59 from 0.57. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.55% from 4.47%, up to its highest level since January 2014. Points for 80% LTV loans roseoo to 0.47 from 0.44, 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 4.54% from 4.47%. Points for 80% LTV loans rose to 0.73 from 0.69, and the effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages rose to its highest rate since April 2011, 4.00%, from 3.92%. Points for 80% LTV loans rose to 0.65 from 0.65, and the effective rate increased from last week.

The average contract interest rate for 5/1 ARMs fell to 3.74% from 3.77%, with points falling to 0.37 from 0.42 for 80% LTV loans. The effective rate decreased from last week.