Mortgage

MBA: Mortgage applications fall further

Refinance Index drops 9% from prior week

Mortgage applications continued to decrease for the week ending October 12, 2018, according to data from the Mortgage Bankers Association weekly Mortgage Applications Survey.

On an unadjusted basis, the Mortgage Composite index declined 7% from the previous week.

The Refinance Index dropped 9% from the previous week, the unadjusted Purchase Index moved backwards 6% from last week but is 2% higher than the same week in 2017, and the seasonally adjusted Purchase Index also fell 6% from one week prior.

The refinance share of mortgage activity decreased to 38.1% of total applications, down from 39% the week before. The adjustable-rate mortgage share of activity declined to 7.1% of total applications.

The Federal Housing Administration share of mortgage apps slid from last week’s 10.5% to 10.4%, and the Veterans Affairs' share of applications inched forward to 10.4% from 10% last week.

The Department of Agriculture share of total applications held steady 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) rose to its highest level since February 2011 moving to 5.10% from 5.05% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.99% last week to 4.98% this week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since April 2011, climbing from 4.98% last week to 4.99% this week.

The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since February 2011, rising from 4.44% to 4.5% this week.

The average contract interest rate for 5/1 ARMs reached its highest level in series history at 4.34% this week, up from 4.29% last week.

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