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Mortgage

MBA: Mortgage applications drop at beginning of February

Led by fall in purchase applications

Mortgage applications decreased 4.1% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 9, 2018.

On an unadjusted basis, the index decreased 2% from last week.

The Refinance Index decreased 2% from the previous week. The Purchase Index also decreased 6% from last week.

The refinance share of mortgage activity increased to 46.5% of total applications, up from 46.4% the week before.

The adjustable-rate mortgage share of activity increased to 6.3% of total applications, up from 6.1% last week.

The Federal Housing Administration’s share of applications decreased from 10.4% last week to 10.1% this week, and the Veterans Affairs' share of applications remained unchanged at 10.1%.

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

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased from last week’s 4.5% to 4.57%, the highest level since January 2014.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.55% from 4.47% last week, also hitting its highest level since January 2014.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.54%, up from last week’s 4.47%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4% from 3.92%, the highest level since April 2011.

Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.74%, down from 3.77%.

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