Though application volume dropped, refis made up a bigger share of the total
A measure of mortgage loan application volume fell 0.5% on a seasonally adjusted basis last week from one week earlier, according to the weekly mortgage applications survey from the Mortgage Bankers Association.
The survey, which covered the week ending Aug. 18, revealed that the market composite index fell 2% on an unadjusted basis from the previous week. The refinance index rose 0.3% from the previous week, while the purchase index fell 2% on a seasonally adjusted basis from one week prior. On an unadjusted basis, the purchase index fell 3% from the previous week, but is higher by 9% from the year-ago period.
Refinances saw its share of all mortgage activity at 48.7% during the week, rising from the 47.8% share of total applications it posted last week. Of all activity, adjustable-rate mortgage (ARM) activity fell to 6.4%.
The share of FHA applications slid to 10.1% last week from 10.2% a week prior. The VA share of all mortgage activity also fell to 10.2% from 10.5% over the same period. USDA applications saw its share of total activity remaining unchanged at 0.8% week over week.
Average contract interest rates for various mortgage types posted mixed movements during the week.
The 30-year fixed-rate mortgage with conforming loan balances saw the average rate unchanged from last week at 4.12%, with points for 80% loan-to-value ratio (LTV) loans increasing to 0.39 from 0.38, including the origination fee. The 30-year fixed-rate mortgage with jumbo loan balances posted an average rate of 3.99%, down from 4.04%. Points for 80% LTV loans fell to 0.26 from 0.27.
FHA-backed 30-year fixed-rate mortgages had an average rate of 4.02%, up from 4.01%. Points fell to 0.37 from 0.40. The 15-year fixed-rate mortgages had a 3.40% average rate, down from 3.41%, and points of 0.38 for 80% LTV loans, up from 0.35. The 5/1 ARM saw its average rate fall to 3.27% from 3.34%. Points for 80% LTV loans rose to 0.31 from 0.29.
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The survey, which covered the week ending Aug. 18, revealed that the market composite index fell 2% on an unadjusted basis from the previous week. The refinance index rose 0.3% from the previous week, while the purchase index fell 2% on a seasonally adjusted basis from one week prior. On an unadjusted basis, the purchase index fell 3% from the previous week, but is higher by 9% from the year-ago period.
Refinances saw its share of all mortgage activity at 48.7% during the week, rising from the 47.8% share of total applications it posted last week. Of all activity, adjustable-rate mortgage (ARM) activity fell to 6.4%.
The share of FHA applications slid to 10.1% last week from 10.2% a week prior. The VA share of all mortgage activity also fell to 10.2% from 10.5% over the same period. USDA applications saw its share of total activity remaining unchanged at 0.8% week over week.
Average contract interest rates for various mortgage types posted mixed movements during the week.
The 30-year fixed-rate mortgage with conforming loan balances saw the average rate unchanged from last week at 4.12%, with points for 80% loan-to-value ratio (LTV) loans increasing to 0.39 from 0.38, including the origination fee. The 30-year fixed-rate mortgage with jumbo loan balances posted an average rate of 3.99%, down from 4.04%. Points for 80% LTV loans fell to 0.26 from 0.27.
FHA-backed 30-year fixed-rate mortgages had an average rate of 4.02%, up from 4.01%. Points fell to 0.37 from 0.40. The 15-year fixed-rate mortgages had a 3.40% average rate, down from 3.41%, and points of 0.38 for 80% LTV loans, up from 0.35. The 5/1 ARM saw its average rate fall to 3.27% from 3.34%. Points for 80% LTV loans rose to 0.31 from 0.29.
Related stories:
Refinance volume sees quarterly decrease
Refinance applications up share of total mortgage activity
