Mortgage apps down as refinances slip to 18-year low

by Steve Randall13 Sep 2018

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

 


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