Mortgage applications decreased once again after their previous surge, falling 3.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 30, 2018.
On an unadjusted basis, the index decreased 3% from last week.
The Refinance Index fell 5% from the previous week. The Purchase Index also decreased, dropping 2% from last week.
The refinance share of mortgage activity decreased from last week’s 39.4% to 38.5% of total applications, its lowest level since September 2008.
The adjustable-rate mortgage share of activity decreased from 7% last week to 6.5% of total applications.
The Federal Housing Administration share of applications increased from 9.9% last week to 10.1% this week, and the Veterans Affairs' share of applications remained unchanged from 10.3% last week.
The Department of Agriculture share of total applications remained unchanged from last week at 0.8% this week.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged from last week’s 4.69%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.56%, down from 4.6% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.75% to 4.74%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged from last week at 4.09%.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.87%, down from 3.92%.