For the week ending October 5, 2018, Mortgage applications moved down 1.7 percent from the previous week, based on data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The Market Composite Index indicator, measures mortgage loan application volume, that shows the decrease to 1.7 percent on its seasonally adjusted base from one week earlier. On the unadjusted base, the Index shows the decrease of 2 percent compared to the week before. The Refinance Index moved down 3 percent from the week before. The unadjusted Purchase Index had decreased by 1 percent compared with the week before and moved 2 percent higher than the same week one year ago. The adjusted Purchase Index moved down 1 percent from one week before.
The mortgage refinance activity moved down to 39.0 percent of total applications from 39.4 percent than the previous week. Adjustable-rate mortgage applications moved up to 7.3 percent of total applications.
The average application rate for 30-year fixed-rate mortgages defined as a conforming loan with balances $453,100 or less moved up to its highest peak since 2011, at 5.05 percent, from 4.96 percent, with points moving up to 0.51 from 0.49 that does not include the origination fee for the 20 percent down payment or 80 percent (LTV) loan-to-value ratio that also increased from last week.
FHA loan applications moved up to 10.5 percent from 10.2 percent the previous week. VA loan applications stayed the same at 10.0 percent from the previous week. The United States Department of Agriculture applications moved up to 0.8 percent from 0.7 percent the week before.
For Jumbo loans with balances greater than $453,100 the average application rate moved to its highest since July 2011, at 4.99 percent from 4.93 percent including points increasing from 0.31 to 0.35 that does not include an origination fee for the 20 percent down payment or 80 percent (LTV) loan-to-value ratio loan that also increased from last week for Jumbo loans.
FHA backed mortgages effective rate decreased last week with the average application interest rate for 30-year fixed-rate that moved to its highest from 4.95 percent, to 4.98 percent with less points from 0.80 to 0.63 for 80 percent LTV loans that does not include the origination fee.
15-year fixed-rate mortgages moved up to its highest level since April 2010, from 4.39 percent to 4.44 percent, with more points from 0.50 to 0.58 that does not include the origination fee for 20 percent down payment 80 percent LTV loans.
The effective rate increased from last week for 5/1 ARMs increasing to its highest level since the series began in 2011 from 4.24 percent to 4.29 percent with points from 0.48 increasing to 0.52 that does not include the origination fee for 20 percent down payment 80 percent LTV loans.