Mortgage applications have been dropping for the past several weeks, and this one was no exception.
Mortgage applications decreased 2% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 10, 2018.
On an unadjusted basis, the Market Composite Index, a measure of loan application volume, fell 3% from the previous week.
The Refinance Index remained unchanged from the previous week, while the unadjusted Purchase Index decreased 4% from last week and is 3% lower than the same week in 2017, and the seasonally adjusted Purchase Index decreased 3% from one week prior.
The refinance share of mortgage activity increased from last week’s 36.6% to 37.6% of applications, and the adjustable-rate mortgage share of activity decreased to 6.2%, down from 6.3% the week before.
The Federal Housing Administration share of mortgage apps remains unchanged from last week’s 10.4%, and the Veterans Affairs’ share of applications also remained unchanged from the previous week at 10.6%.
The Department of Agriculture share of apps 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) decreased from 4.84% last week to 4.81% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.74% last week to 4.73% this week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from 4.83% last week to 4.77% this week.
The average contract interest rate for 15-year fixed-rate mortgages increased from 4.26% to 4.27% this week.
The average contract interest rate for 5/1 ARMs decreased slightly to 4.06% this week, down from 4.07% last week.