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%.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please