Mortgage Applications Decline

Mortgage applications decreased 7.3% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 19, 2019.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week.

The Refinance Index decreased 11% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 3% higher than the same week one year ago.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.46% from 4.44%, with points increasing to 0.44 from 0.42 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) increased to 4.35% from 4.33%, with points increasing to 0.25 from 0.23 (including the origination fee) for 80% LTV loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.49% from 4.43%, with points increasing to 0.57 from 0.56 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.


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