WASHINGTON – (RealEstateRama) — Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 17, 2017.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 5 percent higher than the same week one year ago. The Government Refinance Index decreased 12 percent to the lowest level since December 2014.
The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.0 percent of total applications, the highest level since October 2014.
The FHA share of total applications decreased to 10.9 percent from 11.1 percent the week prior. The VA share of total applications decreased to 10.1 percent from 11.1 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 ($424,100 or less) remained unchanged at 4.46 percent, with points increasing to 0.41 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 $424,100) decreased to 4.40 percent from 4.44 percent, with points increasing to 0.37 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since January 2014, 4.33 percent, from 4.29 percent, with points increasing to 0.40 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.68 percent from 3.66 percent, with points decreasing to 0.37 from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.41 percent from 3.45 percent, with points increasing to 0.25 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit mba.org/WeeklyApps, contact ">
CONTACT
Ali Ahmad
(202) 557- 2727
