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MBA: Mortgage applications press forward

Average contract interest rate for 5/1 ARMs reaches a record high

Mortgage applications rose 2.9% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 21, 2018.

On an unadjusted basis, the Mortgage Composite Index inched forward 2% from the previous week.

The Refinance Index climbed 3% from the previous week, the unadjusted Purchase Index increased 2% from last week but is still 4% higher than the same week in 2017, and the seasonally adjusted Purchase Index moved forward 3% from one week prior.

The refinance share of mortgage activity increased slightly from last week’s 39% to 39.4% of total applications, and the adjustable-rate mortgage share of activity remained unchanged at 6% of total applications.

The Federal Housing Administration share of mortgage apps declined from last week’s 10.6% to 10.4%, and the Veterans Affairs' share of applications increased to 10.1% from 10% the previous week.

The Department of Agriculture share of total applications held steady at 0.7% from the week before.

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) surged to its highest level since April 2011 to 4.97% from 4.88% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) moved forward from 4.77% last week to 4.92% this week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA inched forward from 4.9% last week to 4.94% this week.

The average contract interest rate for 15-year fixed-rate mortgages moderately increased from 4.3% to 4.38% this week.

The average contract interest rate for 5/1 ARMs reached a record high this week, increasing to 4.22% this week, up from 4.17% last week.

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