Mortgage Applications Up

Mortgage applications rose 2.7% on a seasonally-adjusted basis from one week earlier, according to the Mortgage Bankers Association (MBA)’s most recent Weekly Mortgage Applications Survey for the week ending May 3rd, 2019.

On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 3% from one week earlier. The Refinance Index rose by 1% over the same period. The seasonally-adjusted Purchase Index rose 4%, while the unadjusted Index rose 5%.

The refinance share of mortgage activity fell to 37.9% of applications, down from 38.8% last week. “With purchase activity increasing and mortgage rate movements mostly unchanged, the refinance share of applications were at their lowest level since last November,” Kan adds.

The adjustable-rate mortgage (ARM) share of activity rose to 6.4% of total applications this week. The FHA share remained unchanged at 9.5%, the VA share rose to 11.1% from 10.9%, and the USDA share remained unchanged at 0.6%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) fell to 4.41% from 4.42% the previous week. Points for 80% loan-to-value ratio (LTV) loans rose to 0.47 from 0.46 over the same period. (All 80% LTV loan reports include the origination fee.) The effective rate was unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) fell to 4.27% from 4.31%. Points for 80% LTV loans remained unchanged at 0.23, and the effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.44% from 4.39%. Points for 80% LTV loans rose to 0.56 from 0.47, and the effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.81%. Points for 80% LTV loans rose to 0.42 from 0.40, and the effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs rose to 3.88% from 3.81%. Points for 80% LTV loans fell to 0.26 from 0.54, and the effective rate decreased from last week

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