The drop in volume follows an increase in the previous period
The volume of mortgage applications rose slightly for the week ending Nov. 17, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
The Market Composite Index increased 0.1% from the previous period on a seasonally adjusted basis and fell 2% on an unadjusted basis. The Refinance Index decreased 5% from the previous period. The seasonally adjusted Purchase Index rose 5%. The unadjusted Purchase Index increased 1% compared with the previous period and was 4% higher than the year-ago period.
The share of refinances in total mortgage activity fell to 49.9% from 51.3% over the same period. The activity share of adjustable-rate mortgages (ARM) rose to 6.5% of all applications. The FHA share of total applications increased to 10.6% from 10.2%. The share of VA applications rose to 10.7% from 10.1%, while USDA applications made up 0.7% of all activity, unchanged from the previous week.
With the exception of 5/1 ARMs, average contract interest rates for various mortgage types increased during the period covered. The 30-year fixed-rate mortgage with conforming loan balances had an average rate of 4.2%, up from 4.18%, with points for 80% loan-to-value ratio (LTV) loans increasing to 0.42 from 0.40.
Rates for 30-year fixed-rate mortgages with jumbo loan balances averaged 4.16%, up from 4.12%, with points increasing to 0.30 from 0.26. The average rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.08%, its highest level since July, from 4.05%. Points rose to 0.42 from 0.40. The 15-year fixed-rate mortgage recorded an average rate of 3.56%, its highest level since March, up from 3.54%. Points decreased to 0.42 from 0.43.
The average contract interest rate for 5/1 ARMs fell to 3.31% from 3.41%, with points increasing to 0.38 from 0.37.
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Refis gain activity share as mortgage app volume increases
Mortgage app volume holds steady
The Market Composite Index increased 0.1% from the previous period on a seasonally adjusted basis and fell 2% on an unadjusted basis. The Refinance Index decreased 5% from the previous period. The seasonally adjusted Purchase Index rose 5%. The unadjusted Purchase Index increased 1% compared with the previous period and was 4% higher than the year-ago period.
The share of refinances in total mortgage activity fell to 49.9% from 51.3% over the same period. The activity share of adjustable-rate mortgages (ARM) rose to 6.5% of all applications. The FHA share of total applications increased to 10.6% from 10.2%. The share of VA applications rose to 10.7% from 10.1%, while USDA applications made up 0.7% of all activity, unchanged from the previous week.
With the exception of 5/1 ARMs, average contract interest rates for various mortgage types increased during the period covered. The 30-year fixed-rate mortgage with conforming loan balances had an average rate of 4.2%, up from 4.18%, with points for 80% loan-to-value ratio (LTV) loans increasing to 0.42 from 0.40.
Rates for 30-year fixed-rate mortgages with jumbo loan balances averaged 4.16%, up from 4.12%, with points increasing to 0.30 from 0.26. The average rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.08%, its highest level since July, from 4.05%. Points rose to 0.42 from 0.40. The 15-year fixed-rate mortgage recorded an average rate of 3.56%, its highest level since March, up from 3.54%. Points decreased to 0.42 from 0.43.
The average contract interest rate for 5/1 ARMs fell to 3.31% from 3.41%, with points increasing to 0.38 from 0.37.
Related stories:
Refis gain activity share as mortgage app volume increases
Mortgage app volume holds steady
