The number of new residential mortgage applications was higher last week as America got into the swing of 2018
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The number of new residential mortgage applications was higher last week as America got into the swing of 2018.
The Mortgage Bankers Association’s weekly index of mortgage applications was up 4.1% on a seasonally adjusted basis in the week ending January 12 compared to the previous week. Unadjusted, the index was up 32%.
The refinance index was up 4% (adjusted) while the purchase index was up 3% adjusted and 35% unadjusted. Year-over-year purchase applications were up 7%.
Refinance mortgages took a 52.2% share of all applications, down from 52.9% a week earlier.
FHAs accounted for 11.7% of all applications (up from 11.1% a week earlier), VAs were down to 10.7% share (from 11.4%), and the USDA share was up to 0.8% (from 0.7%).
Average contact rates
Week ending Jan 12 Week ending Jan 5
The effective rate for all of the above increased in the week ending Jan 12 from the previous week.
The average contract interest rate for 30-year fixed-rate FHA mortgages was 4.30% (from 4.16%) with points increasing to 0.65 from 0.42. The effective rate was higher than the previous week.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since January 2014, 3.77 percent, from 3.66 percent, with points increasing to 0.44 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to its highest level since April 2011, 3.62 percent, from 3.50 percent, with points decreasing to 0.48 from 0.51 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The Mortgage Bankers Association’s weekly index of mortgage applications was up 4.1% on a seasonally adjusted basis in the week ending January 12 compared to the previous week. Unadjusted, the index was up 32%.
The refinance index was up 4% (adjusted) while the purchase index was up 3% adjusted and 35% unadjusted. Year-over-year purchase applications were up 7%.
Refinance mortgages took a 52.2% share of all applications, down from 52.9% a week earlier.
FHAs accounted for 11.7% of all applications (up from 11.1% a week earlier), VAs were down to 10.7% share (from 11.4%), and the USDA share was up to 0.8% (from 0.7%).
Average contact rates
Week ending Jan 12 Week ending Jan 5
| 30-year FRM (conforming) | 4.33% with average 0.54 point for 80% LTV loans | 4.23% |
| 30-year FRM (jumbo) | 4.25% with average 0.36 point for 80% LTV loans | 4.16% |
| 30-year FRM (FHA) | 4.30% with average 0.65 point for 80% LTV loans | 4.16% |
| 15-year FRM | 3.77% with average 0.44 point for 80% LTV loans | 3.66% |
| 5/1-year ARM | 3.62% with average 0.48 point for 80% LTV loans | 3.50% |
The effective rate for all of the above increased in the week ending Jan 12 from the previous week.
The average contract interest rate for 30-year fixed-rate FHA mortgages was 4.30% (from 4.16%) with points increasing to 0.65 from 0.42. The effective rate was higher than the previous week.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since January 2014, 3.77 percent, from 3.66 percent, with points increasing to 0.44 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to its highest level since April 2011, 3.62 percent, from 3.50 percent, with points decreasing to 0.48 from 0.51 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
