Mortgage applications decreased 1.0 percent from one week earlier, according to data from the
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.0 percent on a seasonally adjusted basis from one week earlier to the lowest level since
The refinance share of mortgage activity remained unchanged at 52 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.03 percent from 4.07 percent, with points increasing to -0.38 from -0.39 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.47 percent from 3.50 percent, with points increasing to 0.19 from 0.16 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.23 percent from 3.20 percent, with points remaining unchanged from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
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The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is
[Category: Financial Services]
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