Mortgage Bankers Association data shows rise in FHA, VA share
There was a further decline in mortgage applications last week according to the Mortgage Bankers Association’s weekly index.
The Market Composite Index was down 1.8% from a week earlier on a seasonally adjusted basis and down 13% on an unadjusted basis.
The Refinance Index tumbled 6% week-over-week to hit its lowest level since December 2000, while the Purchase Index was down 1% seasonally adjusted and down 11% unadjusted.
The refinance share of activity was down to 37.8% from 38.9% a week earlier and the share of mortgage applications that were ARMs increased to 6.4%.
FHA (up 0.2 percentage points to 10.4%) and VA (up 0.5 percentage points to 10.5%) applications increased while there was no change for USDA loan applications (0.8%).
Average interest rates
The average contract interest rates and average points for 80% LTV loans were:
|
|
Average rate |
Week prior |
Average point |
Week prior |
|
30-year FRM Conforming |
4.84% |
4.80% |
0.46 |
0.43 |
|
30-year FRM Jumbo |
4.72% |
4.67% |
0.47 |
0.30 |
|
30-year FRM FHA-backed |
4.84% |
4.79% |
0.51 |
0.69 |
|
15-year FRM
|
4.28% |
4.23% |
0.47 |
0.45 |
|
5/1 ARMs
|
4.07% |
4.09% |
0.30 |
0.31 |
