Mortgage applications decreased slightly, falling just 1.1% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 16, 2018.
On an unadjusted basis, the index increased 1% from the previous week.
The Refinance Index decreased 5% from the previous week and the Purchase Index increased 2% from last week.
The refinance share of mortgage activity fell again, continuing to drop past its lowest level since Sept. 2008. This week’s report shows refis made up 38.5% of total applications, down 1.6% from the 40.1% share reported during the previous week.
The adjustable-rate mortgage share of activity decreased to 7% of total applications.
The Federal Housing Administration share of applications decreased to 10.3%, down just .1% from last week percentage of 10.4%, and the Veterans Affairs' share of applications increased from 10.3% to 10.7%. The Department of Agriculture share of total applications decreased to 0.8%, down just .1% 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) decreased from last week’s 4.69% to 4.68% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) remained at 4.55%, unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.69% from 4.73% the previous week.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since April 2011, coming in at 4.12% from last week’s 4.07%.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.83%, falling .10% from last week’s 3.93%.