MBA: Weekly mortgage applications actually on the rise

Mortgage interest rates spike to highest level since April 2011

Mortgage applications climbed 1.6% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 14, 2018.

Applications steadily declined through August, by way of comparison.

On an unadjusted basis, the Mortgage Composite Index surged 12% from the previous week.

The Refinance Index rose 4% from the previous week, the unadjusted Purchase Index increased 9% from last week but is still 4% higher than the same week in 2017, and the seasonally adjusted Purchase Index inched forward 0.3% from one week prior.

The refinance share of mortgage activity increased from last week’s 37.8% to 39% of total applications, and the adjustable-rate mortgage share of activity grew to 6.5% of total applications.

The Federal Housing Administration share of mortgage apps climbed from last week’s 10.4% to 10.6%, and the Veterans Affairs' share of applications fell to 10% from 10.5% the previous week.

The Department of Agriculture share of total applications slid to 0.7% from 0.8% the week before.

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) spiked to its highest level since April 2011 to 4.88% from 4.84% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.72% last week to 4.77% this week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA inched forward from 4.84% last week to 4.9% this week.

The average contract interest rate for 15-year fixed-rate mortgages moved forward from 4.28% to 4.30% this week.

The average contract interest rate for 5/1 ARMs reversed this week, increasing to 4.17% this week, up from 4.07% last week.

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