Mortgage applications were mostly stagnant in the latest application report from the Mortgage Bankers Association.
For the week ending Aug. 11, mortgage applications increased 0.1% from one week earlier.
However, the previous week didn’t post any intense fluctuations either, rising 3% from the prior week.
Broken up, the Refinance Index increased 2% from the previous week, while the seasonally adjusted Purchase Index decreased 2% from one week earlier.
The refinance share of mortgage activity continued to increase, rising to 47.8% of total applications. This marks the its highest level since February 2017, from 46.7% the previous week.
Meanwhile, the adjustable-rate mortgage share of activity decreased to 6.6% of total applications.
Bot the Federal Housing Administration’s and the Department of Agriculture’s share of total applications remained unchanged from the week prior at 10.2% and 0.8%, respectively.
The Veterans Affairs’ share of total applications decreased to 10.5% from 10.7% the week prior.
Moving on to product types, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.12%, from 4.14%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.04% from 4.07%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.01% from 4.02%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.41%, while the average contract interest rate for 5/1 ARMs increased to 3.34% from 3.31%.