MBA: Mortgage apps jump after decreasing for two consecutive weeks

Refinance share remains at lowest level since 2008

Mortgage applications jumped after two consecutive weeks of decreases, increasing 4.9% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 13, 2018.

On an unadjusted basis, the index increased 6% from last week.

The Refinance Index rose 4% from the previous week. The Purchase Index also increased, rising 7% from last week.

The refinance share of mortgage activity decreased from last week’s 38.4% to 37.6% of total applications, still its lowest level since September 2008.

The adjustable-rate mortgage share of activity increased from 6.3% last week to 6.6% of total applications.

The Federal Housing Administration share of applications decreased from 11% last week to 10.6% this week, and the Veterans Affairs' share of applications decreased from 10.9% last week to 10.4%.

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 4.66%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) remained unchanged at 4.53%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased from last week’s 4.66% to 4.7% this week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged from last week’s 4.08%.

Lastly, the average contract interest rate for 5/1 ARMs increased to 3.94%, up from 3.93% last week.

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