Mortgage applications recorded another quiet week, declining a slight 0.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 18, 2017.
This is compared to last week’s results, which posted a meager 0.1% increase from the week prior.
Broken up, the Refinance Index increased 0.3% from the previous week, and the seasonally adjusted Purchase Index decreased 2% from one week earlier.
The refinance share of mortgage activity continued to edge higher and increased to 48.7% of total applications from 47.8% the previous week. The adjustable-rate mortgage share of activity decreased to 6.4% of total applications.
Both the Federal Housing Administration’s share of total applications and the Veterans Affairs’ share of total applications fell, decreasing to 10.1% from 10.2% and to 10.2% from 10.5%, respectively.
The Department of Agriculture’s share of total applications remained unchanged from the week prior at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged from the week prior at 4.12%.
However, when it dropped to 4.12% last week, it marked its lowest level since November 2016.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) continued to drop and decreased to 3.99% from 4.04%.
Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA reversed course and increased to 4.02% from 4.01%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.4% from 3.41%, while the average contract interest rate for 5/1 ARMs decreased to 3.27% from 3.34%.