Mortgage

MBA: Mortgage apps fall as mortgage rates hit multi-year highs

Refinance share continues to hold at crisis-era lows

Mortgage applications dipped slightly after increasing last week, falling 0.2% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 20, 2018.

On an unadjusted basis, the index increased 1% from last week.

The Refinance Index dropped 0.3% from the previous week. The Purchase Index remained unchanged from last week.

The refinance share of mortgage activity decreased from last week’s 37.6% to 37.2% of total applications, still its lowest level since September 2008.

The adjustable-rate mortgage share of activity decreased from 6.6% last week to 6.5% of total applications.

The Federal Housing Administration share of applications decreased from 10.6% last week to 10.2% this week, and the Veterans Affairs' share of applications decreased from 10.4% last week to 10.1%.

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) increased from last week’s 4.66% to 4.73%, the highest share since September 2013.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.53% last week to 4.64%, its highest point since January 2014.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased from last week’s 4.7% to 4.71% this week.

The average contract interest rate for 15-year fixed-rate mortgages increased from last week’s 4.08% to 4.13% this week, the highest share since April 2011.

Lastly, the average contract interest rate for 5/1 ARMs increased to 3.98%, up from 3.94% last week and its highest point since February 2011.

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