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Lending

Mortgage activity drops 3.3%

MBA survey finds refis, originations down

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After rising last week slightly to break a streak of  four weeks of straight declines, mortgage applications dropped 3.3%, according to the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending April 18.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week.

The Refinance Index decreased 4% from the previous week. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 18% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 51% of total applications from 52% the previous week. The adjustable-rate mortgage share of activity increased to 9% of total applications. The average loan size for purchase applications has reached its highest level in the history of the survey at $280,500, coinciding with the trend in rising purchase activity for larger loan amounts.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.49% from 4.47%, with points increasing to 0.50 from 0.32 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.41% from 4.39%, with points increasing to 0.34 from 0.18 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.20% from 4.14%, with points increasing to 0.41 from 0.06 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.55% from 3.54%, with points increasing to 0.33 from 0.24 (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 3.16% from 3.15%, with points decreasing to 0.36 from 0.41 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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