Mortgage applications decreased 3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 3, 2018.
On an unadjusted basis, the Mortgage Composite Index decreased 3% from the previous week.
The Refinance Index decreased 5% from the previous week. The unadjusted Purchase Index decreased 2% from last week and is still 2% lower than the same week in 2017, and the seasonally adjusted Purchase Index decreased 2% from one week prior.
The refinance share of mortgage activity decreased from last week’s 37.1% to 36.6% of total applications, and the adjustable-rate mortgage share of activity decreased to 6.3% of total applications.
The Federal Housing Administration share of mortgage apps remains unchanged from last week’s 10.4%, and the Veterans Affairs' share of applications increased to 10.6% from 10.5% the prior week.
The Department of Agriculture share of total applications remained unchanged at 0.8% from the week before.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remain unchanged at 4.84% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.76% last week to 4.74% this week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased from 4.78% last week to 4.83% this week.
The average contract interest rate for 15-year fixed-rate mortgages decreased from 4.29% to 4.26% this week.
The average contract interest rate for 5/1 ARMs reversed course this week, decreasing to 4.07% this week, down from 4.17% last week.