Mortgage applications continued last week’s decreasing trend, falling 2.7% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 11, 2018.
On an unadjusted basis, the Index decreased 3% from the previous week.
The Refinance Index dropped 4% 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 36.3% to 35.9% of total applications, still its lowest level since September 2008.
The adjustable-rate mortgage share of activity remained unchanged at 6.5% of total applications.
The Federal Housing Administration share of applications increased from 10.1% last week to 10.3% this week, and the Veterans Affairs' share of applications decreased from 10.4% last week to 10.3%.
The Department of Agriculture share of total applications increased from 0.7% last week to 0.8%.
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 4.78% to 4.77%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.65% last week to 4.73%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.80% to 4.78% this week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.2%.