Mortgage applications barely moved, falling a slight 0.5% from one week earlier, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 22.
Broken up, the Refinance Index decreased 4% from the previous week, while the seasonally adjusted Purchase Index increased 3% from one week earlier.
The refinance share of mortgage activity stayed at about half of all applications, slipping to 50.8% of total applications from 52.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.5% of total applications.
The Federal Housing Administration’s share of total applications fell to 9.6% from 9.9% the week prior, as the Department of Veterans Affairs’ share of total applications decreased to 10.0% from 10.1% the week prior. The Department of Agriculture’s share of total applications remained at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.11% from 4.04%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.06% from 3.99%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.98% from 3.97%, while the average contract interest rate for 15-year fixed-rate mortgages increased to 3.38% from 3.35%.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.38% from 3.30%.