The total mortgage application volume was down by 7.3% for the week ending September 16, according to latest report from the Mortgage Bankers Association (MBA).

Purchase loan applications were down 7% from the previous week, and 3% higher than this same week last year.

Refinance applications decreased 8% from the previous week. The refi share of home loan activity of total applications was 63.1%, which is higher than the previous week’s total of 62.9%.

Adjustable-rate mortgages (ARM) decreased .2% from the previous week with a 4.4% share of total applications.

Loan applications for FHA loans increased 10.2% from 9.6% the previous week.

VA loan applications were down to 11.6% from 9.6% the week prior.

The USDA share of total applications was the same as the previous week at 0.7% of total mortgage applications.

The MBA reported the 30-year fixed conforming mortgage was at its highest level since June 2016, 3.70% from 3.67%, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Jumbo loan rates went up to 3.69% from 3.64%, with points decreasing to 0.29 from 0.36 (including the origination fee) for 80 percent LTV loans.

FHA 30-year fixed loans increased to 3.56% from 3.50%, with points decreasing to 0.23 from 0.27 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 2.99 percent from 2.97 percent, with points increasing to 0.35 from 0.34 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for 5/1 ARMs increased to 2.96 percent from 2.87 percent, with points
decreasing to 0.26 from 0.37 (including the origination fee) for 80 percent LTV loans.

Erik Sandstrom
LoanSafe's Mortgage Expert

I’m a Senior Loan Officer and LoanSafe mortgage expert. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.