On a periodically adjusted basis, the Market Composite Index (mortgage application volume) dropped by 3.3% within a week. The periodically adjusted Purchase Index rose by .3% to its highest since January 2016. The unadjusted Purchase Index increased by 1%, and was 33% higher than a year ago.
Since August 2015, the refinance equity share of mortgage activity dropped to its lowest level representing 55% of the total home loan applications. Down from 56.7% the week before. The ARM (Adjustable-Rate Mortgage) share dropped to 4.9% of all the total applications.
The Federal Housing Administration (FHA) share of the total applications decreased to 12% from 1.7% the week before. The VA loan share of all the applications dropped to 12.3% from 12.6% the week before. United States Department of Agriculture (USDA) total applications stagnated at 0.8%.
The interest rate on the 30-year average contract with fixed-rate mortgages with conventional loan balances rose from 3.89% to 3.94%. The points increased by 0.04 from 0.38 the week prior.
The interest rate on the 30-year average contract with fixed-rate mortgages with jumbo loan balances rose from 3.81% to 3.86%.
FHA 30-year mortgage rates increased from 3.71% to 3.77%.
The interest rate on the 15-year fixed mortgage went up from 3.14% to 3.22%.
5/1 Adjustable-Rate Mortgages (ARM) average increased from 3.20% to 3.23%.
I’m LoanSafe.org’s mortgage expert and a senior loan officer with Prime Lending. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.