Once again, mortgage applications barely moved, declining 0.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 29, 2017.
This is compared to last week’s report, which posted a 0.5% decrease from the week prior.
Broken up, the Refinance Index decreased 2% from the previous week, as the seasonally adjusted Purchase Index increased 1% from one week earlier.
The refinance share of mortgage activity slightly fell, decreasing to 50.1% of total applications from 50.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6% of total applications.
The Federal Housing Administration’s share of total applications inched up to 10% from 9.6% the week prior.
Similarly, the Department of Agriculture’s share of total applications increased to 0.8% from 0.7% the week prior.
The Department of Veterans Affairs’ share of total applications remained unchanged at 10.0% from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.12% from 4.11%.
In addition, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.09% from 4.06%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.99% from 3.98%, while the average contract interest rate for 15-year fixed-rate mortgages increased to 3.42% from 3.38%.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.30% from 3.38%.