The activity share of refinance applications decreased for the fourth straight week
A measure of mortgage loan application volume recovered from four straight weeks of decline during the week ending Oct. 13, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association. The refinance share, however, saw a drop.
The survey’s results included an adjustment for the Columbus Day holiday.
The Market Composite Index rose 3.6% on a seasonally adjusted basis but fell 7% on an unadjusted basis. The refinance index slipped 3%. The purchase index increased 4% on a seasonally adjusted basis but decreased 6% on an unadjusted basis. The unadjusted purchase index was 9% higher than the year-ago period.
Refinances accounted for 48.6% of total applications during the week, a decline from their previous share of 49%. The adjustable-rate mortgage (ARM) share of activity fell to 6.1%.
The share of FHA applications rose to 10.4% from 10.3%, while VA applications accounted for 10.5% of overall activity, down from the prior 10.6% share. The USDA share of all applications increased to 0.8% from 0.7%.
Changes in average contract interest rates for various mortgage types were mixed during the week.
The 30-year fixed-rate mortgage with conforming loan balances had an average rate of 4.14%, down from 4.16%, with points remaining unchanged at 0.44, including the origination fee, for 80% loan-to-value (LTV) loans.
The average rate for the 30-year fixed-rate mortgage with jumbo loan balances rose to 4.13% from 4.11%, with points increasing to 0.32 from 0.31 for 80% LTV loans. The 30-year fixed-rate mortgage backed by the FHA saw its average rate remain steady at 4%, with points increasing to 0.37 from 0.36 for 80% LTV loans.
The 15-year fixed-rate mortgage posted an average rate of 3.45%, up from 3.44%, with points also rising to 0.43 from 0.36 for 80% LTV loans. The average rate for 5/1 ARMs was 3.31%, down from 3.33%, with points slipping to 0.40 from 0.43 for 80% LTV loans.
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The survey’s results included an adjustment for the Columbus Day holiday.
The Market Composite Index rose 3.6% on a seasonally adjusted basis but fell 7% on an unadjusted basis. The refinance index slipped 3%. The purchase index increased 4% on a seasonally adjusted basis but decreased 6% on an unadjusted basis. The unadjusted purchase index was 9% higher than the year-ago period.
Refinances accounted for 48.6% of total applications during the week, a decline from their previous share of 49%. The adjustable-rate mortgage (ARM) share of activity fell to 6.1%.
The share of FHA applications rose to 10.4% from 10.3%, while VA applications accounted for 10.5% of overall activity, down from the prior 10.6% share. The USDA share of all applications increased to 0.8% from 0.7%.
Changes in average contract interest rates for various mortgage types were mixed during the week.
The 30-year fixed-rate mortgage with conforming loan balances had an average rate of 4.14%, down from 4.16%, with points remaining unchanged at 0.44, including the origination fee, for 80% loan-to-value (LTV) loans.
The average rate for the 30-year fixed-rate mortgage with jumbo loan balances rose to 4.13% from 4.11%, with points increasing to 0.32 from 0.31 for 80% LTV loans. The 30-year fixed-rate mortgage backed by the FHA saw its average rate remain steady at 4%, with points increasing to 0.37 from 0.36 for 80% LTV loans.
The 15-year fixed-rate mortgage posted an average rate of 3.45%, up from 3.44%, with points also rising to 0.43 from 0.36 for 80% LTV loans. The average rate for 5/1 ARMs was 3.31%, down from 3.33%, with points slipping to 0.40 from 0.43 for 80% LTV loans.
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