The volume of mortgage applications remained steady week-over-week during the period ending August 31, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
The Market Composite Index, a measure of mortgage loan application volume, ticked down 0.1% on a seasonally adjusted basis and fell 2% on an unadjusted basis. The Refinance Index decreased 1%. The Purchase Index increased 1% on a seasonally adjusted basis but fell 2% on an unadjusted basis. The unadjusted Purchase Index was 2% higher compared to the year-ago period.
Refinance applications accounted for 38.9% of total activity, inching up from their 38.7% share in the previous survey. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1%.
Applications for FHA loans took a 10.2%, unchanged from the previous period. The VA share of total applications decreased to 10% from 10.5%. The share of USDA applications increased to 0.8% from 0.7%.
Changes in average contract interest rates for the different mortgage types were mixed during the period. The 30-year fixed-rate mortgage with conforming loan balances averaged 4.8%, up from 4.78%, with points decreasing to 0.43 from 0.46.
Rates for 30-year fixed-rate mortgages with jumbo loan balances slipped to 4.67% from 4.68%, with points unchanged at 0.30. The 30-year fixed-rate mortgage backed by the FHA averaged 4.79%, up from 4.77%, with points decreasing to 0.69 from 0.75.
The average for 15-year fixed-rate mortgages decreased to 4.23% from 4.24%, with points decreasing to 0.45 from 0.48. The 5/1 ARM saw rates increase to 4.09% from 3.95%, with points decreasing to 0.31 from 0.34.