MBA: Weekly mortgage applications remain steady

Mortgage applications didn’t budge for the week ending on September 28, 2018, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

On an unadjusted basis, the Mortgage Composite Index remained unchanged at 2% from the previous week.

The Refinance Index fell 0.1% from the previous week, the unadjusted Purchase Index inched backwards 0.2% from last week but is still 3% higher than the same week in 2017, and the seasonally adjusted Purchase Index moved forward 0.1% from one week prior.

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The refinance share of mortgage activity held steady from last week’s 39.4% of total applications, and the adjustable-rate mortgage share of activity increased to 7.1% of total applications.

The Federal Housing Administration share of mortgage apps declined from last week’s 10.4% to 10.2%, and the Veterans Affairs' share of applications slid to 10% from 10.1% the previous week.

The Department of Agriculture share of total applications held steady at 0.7% from the week before.

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) fell to 4.96% from 4.97% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) climbed to its highest level since July 2011, increasing from 4.92% last week to 4.93% this week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since May 2011, rising from 4.94% last week to 4.95% this week.

The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since April 2010, inching forward from 4.38% to 4.39% this week.

The average contract interest rate for 5/1 ARMs reached another record high this week, increasing to its highest level in survey history at 4.24% this week, up from 4.22% last week.