Mortgage applications continued last week’s decreasing trend, falling 0.4% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 4, 2018.
On an unadjusted basis, the Index remained unchanged from the previous week.
The Refinance Index dropped 1% from the previous week. The Purchase Index also decreased, falling 2% from last week.
The refinance share of mortgage activity decreased from last week’s 36.5% to 36.3% of total applications, still its lowest level since September 2008.
The adjustable-rate mortgage share of activity decreased from 6.7% last week to 6.5% of total applications.
The Federal Housing Administration share of applications decreased from 10.3% last week to 10.1% this week, and the Veterans Affairs' share of applications increased from 10.2% last week to 10.4%.
The Department of Agriculture share of total applications decreased from 8% last week to 7%.
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 4.8% to 4.78%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.69% last week to 4.65%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.81% to 4.80% this week.
The average contract interest rate for 15-year fixed-rate mortgages decreased from last week’s 4.21% to 4.20% this week.