MBA: Mortgage applications show little movement
Refinance share of mortgage applications ticks higher
Mortgage applications were mostly stagnant in the latest application report from the Mortgage Bankers Association.
For the week ending Aug. 11, mortgage applications increased 0.1% from one week earlier.
However, the previous week didn’t post any intense fluctuations either, rising 3% from the prior week.
Broken up, the Refinance Index increased 2% from the previous week, while the seasonally adjusted Purchase Index decreased 2% from one week earlier.
The refinance share of mortgage activity continued to increase, rising to 47.8% of total applications. This marks the its highest level since February 2017, from 46.7% the previous week.
Meanwhile, the adjustable-rate mortgage share of activity decreased to 6.6% of total applications.
Bot the Federal Housing Administration’s and the Department of Agriculture’s share of total applications remained unchanged from the week prior at 10.2% and 0.8%, respectively.
The Veterans Affairs’ share of total applications decreased to 10.5% from 10.7% the week prior.
Moving on to product types, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.12%, from 4.14%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.04% from 4.07%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.01% from 4.02%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.41%, while the average contract interest rate for 5/1 ARMs increased to 3.34% from 3.31%.
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