Mortgage Apps Up in MBA Weekly Survey
Mortgage applications increased slightly from one week earlier after two weeks of declines, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending May 6.
The Market Composite Index increased by 0.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased by 1 percent compared to the previous week.
The Refinance Index increased by 0.5 percent from the previous week. The refinance share of mortgage activity decreased to 52.8 percent of total applications from 52.9 percent the previous week.
The seasonally adjusted Purchase Index increased by 0.4 percent from one week earlier. The unadjusted Purchase Index increased by 1 percent compared to the previous week and was 14 percent higher than the same week one year ago.
The FHA share of total applications decreased to 13.0 percent from 13.5 percent the week prior. The VA share of total applications increased to 11.7 percent from 11.5 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to its lowest level since April, 3.82 percent, from 3.87 percent, with points decreasing to 0.34 from 0.36 (including origination fee) for 80 percent loan-to-value ratio loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.74 percent from 3.79 percent, with points remaining unchanged from 0.31 (including origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by FHA decreased to 3.64 percent from 3.69 percent, with points decreasing to 0.25 from 0.33 (including origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.06 percent from 3.13 percent, with points decreasing to 0.33 from 0.36 (including origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 adjustable-rate mortgages increased to 2.93 percent from 2.91 percent, with points decreasing to 0.22 from 0.30 (including origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The ARM share of activity increased to 5.7 percent of total applications.
The survey covers more than 75 percent of all U.S. retail and consumer direct residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
