US mortgage application dips
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2016, mortgage applications in the U.S. decreased 4.0 percent from one week earlier. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The refinance share of mortgage activity increased to 57.2 percent of total applications from 56.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.2 percent of total applications. The FHA share of total applications increased to 11.6 percent from 11.3 percent the week prior. The VA share of total applications decreased to 11.9 percent from 12.6 percent the week prior. The USDA share of total applications remained unchanged at 0.9 percent from the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since October 2014, 4.28 percent, from 4.27 percent, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to its highest level since September 2014, 4.29 percent, from 4.22 percent, with points decreasing to 0.24 from 0.29 (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 increased to 4.02 percent from 4.00 percent, with points decreasing to 0.33 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
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