It was a quiet week on the mortgage front, with applications decreasing 0.1% from one week earlier, according to the latest Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending April 28, 2017.
This is compared to the previous report, which posted a slight 2.7% increase in applications.
Broken up, the Refinance Index decreased 5% from the previous week, while the seasonally adjusted Purchase Index increased 4% from one week earlier.
The refinance share of mortgage activity dropped back down to 41.6% of total applications, compared to 44% the previous week. The adjustable-rate mortgage share of activity decreased to 8.4% of total applications.
The Federal Housing Administration’s share of total applications increased to 10.4% from 10% the week prior. The Veterans Affairs’ share of total applications decreased to 10.8% from 10.9% the week prior, as the United States Department of Agriculture’s share of total applications remained unchanged at 0.8% from the week prior.
For mortgage rates, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23% from 4.20%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.18% from 4.15%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.06% from 4.03%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.51% from 3.46%, while the average contract interest rate for 5/1 ARMs increased to 3.29% from 3.22%.