Mortgage applications in US increase
According to the Mortgage Bankers Association's (MBA) <strong><em>Weekly Mortgage Applications Survey</em></strong> for the week ending January 5, 2018, U.S. mortgage applications increased 8.3 percent from one week earlier. This week's results included an adjustment for the New Year's holiday. Resu
Published -
Jan 11, 2018 4:30 AM
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 5, 2018, U.S. mortgage applications increased 8.3 percent from one week earlier. This week's results included an adjustment for the New Year's holiday. Results for the previous week ending 12/29/17 were revised. The Market Composite Index, a measure of mortgage loan application volume, increased 8.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 46 percent compared with the previous week. The Refinance Index increased 11 percent from the previous week. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 44 percent compared with the previous week and was 1 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 52.9 percent of total applications from 52.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.0 percent of total applications. The FHA share of total applications increased to 11.1 percent from 10.8 percent the week prior. The VA share of total applications remained unchanged from the week prior at 11.4 percent. The USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.23 percent from 4.22 percent, with points decreasing to 0.35 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.16 percent from 4.14 percent, with points increasing to 0.23 from 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.16 percent from 4.17 percent, with points increasing to 0.42 from 0.40 (including the 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 increased to 3.66 percent from 3.64 percent, with points increasing to 0.42 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Tags : INTERNATIONAL