Mortgage

MBA: Refinance share hits highest point since January

Mortgage applications post decrease from previous week

Mortgage applications dropped 2.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending December 8, 2017.

The Refinance Index decreased 3% from last week, continuing last week’s 8% drop. The Purchase Index reversed course and decreased 1% from last week.

The refinance share of mortgage activity increased to 52.4% of total applications, up from 51.6% the week before and its highest level since January 2017.

The adjustable-rate mortgage share of activity, however, decreased to 5.6% of total applications.

The Federal Housing Administration’s share of applications increased from 11.1% last week to 11.8% this week, but the Veterans Affair’s share of applications decreased to 10.3%, down from 10.7% last week.

The Department of Agriculture’s share of total applications decreased from 0.8% last week to 0.7%.

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased from last week’s 4.19% to 4.2%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.11% from 4.16% last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.13%, up from last week’s 4.11% to its highest level since April 2017.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.61% from 3.61%, the highest level since March.

Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.42% from 3.48%.

Most Popular Articles

CFPB to consider changing or eliminating TRID rule

The CFPB has been taking a long, hard look at some of its rules and regulations. Next up on its list to review is TRID, and it looks like eliminating the rule entirely is not off the table.

Nov 20, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please