Mortgage applications increased slightly, rising just under one percent, 0.9%, from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 9, 2018.
On an unadjusted basis, the index increased 2% from last week’s 13% increase.
The Refinance Index increased 2% from the previous week and the Purchase Index decreased 1% from last week.
The refinance share of mortgage activity fell to its lowest level since Sept. 2008, 40.1% of total applications, from 41.8% reported during the previous week.
The adjustable-rate mortgage share of activity dipped .2 points to 7.1% of total applications.
The Federal Housing Administration share of applications increased to 10.4%, up .3 from last week percentage of 10.1%, and the Veterans Affairs' share of applications increased from 9.9%. to 10.3%. The Department of Agriculture share of total applications remained unchanged from last week’s percentage of 0.9%.
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 4.65% to 4.69% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.55% from 4.56% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.73%, its highest level since July 2011, from 4.68%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.07% from 4.11%.
Lastly, the average contract interest rate for 5/1 ARMs reached its highest level since February 2011, increasing to 3.93%, up from last week’s 3.81%.