Mortgage applications slipped last week

MBA survey shows 1.7% decrease from previous week

Mortgage applications slipped last week

Mortgage applications were lower last week with the Mortgage Bankers Association’s weekly index slipping 1.7% on a seasonally-adjusted basis from a week earlier.

Unadjusted, the Market Composite Index was down 3% along with the unadjusted indexes for both refinances and purchases (seasonally adjusted purchase index down 1%).

The refinance share of mortgage activity remained unchanged at 38.7% from the week prior. The ARM share of activity decreased to 6.3% of total applications.

The FHA share of total applications remained unchanged at 10.2% from the week prior; VA share remained unchanged at 10.5%; USDA share remained unchanged at 0.7% from the week prior.

Average contract rates mixed

 

Rate last week

Previous week

Average points (80% LTV)

Av. points previous week

30-year FRM

Conforming

4.78%

4.81%

0.46

0.42

30-year FRM

Jumbo

4.68%

4.68%

0.30

0.28

30-year FRM

FHA

4.77%

4.82%

0.75

0.69

15-year FRM

 

4.24%

4.25%

0.48

0.47

5/1 year ARMs

 

3.95%

4.00%

0.34

0.52