There was a decline in mortgage applications last week according to new data from the Mortgage Brokers Association
There was a decline in mortgage applications last week according to new data from the Mortgage Brokers Association.
Its Market Composite Index was down 1.9% on a seasonally adjusted basis, and down 1% unadjusted, compared to the previous week.
The purchase index was down 2% seasonally adjusted and down 1% unadjusted. The index was 0.5% lower than the same week of 2017.
Refinance mortgage applications fell to a 38.4% share, the lowest since September 2008. The refinance index was down by 2% compared to the previous week.
Just 6.3% of applications were for ARMs.
FHAs took an 11% share of total mortgage applications, up from 10.1% a week earlier; VAs were up to 10.9% from 10.3%; and the share that was for USDAs was unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.53% from 4.56%, with points increasing to 0.31 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 4.66% from 4.74%, with points increasing to 0.76 from 0.54 (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 4.08% from 4.09%, with points increasing to 0.50 from 0.42 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to its highest level since February 2011, 3.93%, from 3.87%, with points increasing to 0.60 from 0.28 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
