On a seasonally adjusted basis, the market composite index increased 9.9% from a week prior. The index, which measures mortgage loan application volume, fell 13% over the same period on an unadjusted basis. The refinance index rose 9% over the previous week. The purchase index increased 11% on a seasonally adjusted basis and fell 13% on an unadjusted basis.
Applications for refinances took the biggest share of all activity during the week. Refinances made up 51% of all activity, an increase from their 50.9% share the previous week. Adjustable-rate mortgages (ARM) saw their share of overall activity decline to 6.7%.
applications made up 9.9% of total activity, an increase from the 9.6% share the week prior. VA
applications also saw an increase during the week to 10.3% from 9.7%. The share of USDA applications remained unchanged at 0.7%.
Changes in average contract interest rates across mortgage types were varied. The rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.03% from 4.06%, with points, including the origination fee, for 80% loan-to-value loans increasing to 0.40 from 0.38. For the 30-year fixed-rate mortgage with jumbo loan balances, the rate rose to 4% from 3.96% and points increased to 0.24 from 0.20.
The rate for 30-year fixed-rate mortgages backed by the FHA declined to 3.94% from 3.98% as points fell to 0.34 from 0.35. The 15-year fixed-rate mortgage saw rates fall to 3.30% from 3.34%, as points rose to 0.39 from 0.38. The rate for 5/1 ARMs rose to 3.17% from 3.14%, with points rising to 0.36 from 0.31.
Refi apps near 2017 high
Refinance applications continue gains amid slide in total activity
Refinance applications saw another week of activity share gains as the volume of mortgage applications increased overall, according to the weekly mortgage applications survey released by the Mortgage Bankers Association for the week ending Sept. 8.