Mortgage applications saw a slight increase of 0.3% this week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index rose 0.3% on a seasonally adjusted basis from the previous week. The Refinance Index dropped 9% while the Purchase Index rose 5%.
On an unadjusted basis, the Index decreased 33%, and the Purchase Index was 19% lower than one year ago.
Refi applications decreased to 30.6%, a drop from the previous week’s 32.4%. ARM applications decreased to 8.1% of all applications. FHA applications decreased to 13.5%, from 14.8%.
VA applications increased to 12.6% from 11.3% the week before. USDA applications also bumped up to 0.5%, compared to 0.4%.
Average contract interest rates:
- 30-year conforming fixed decreased to 7.37% from 7.41%, with points increasing to 0.64 from 0.62.
- 30-year jumbo fixed increased to 7.54% from 7.51%, with points unchanged at 0.62 for 80% LTV loans.
- 30-year FHA fixed decreased to 7.18% from 7.19%, with points increasing to 0.81 from 0.79 for 80% LTV loans.
- 15-year fixed-rate decreased to 6.88% from 6.89%, with points decreasing to 0.52 from 076 for 80% LTV loans.
- 5/1 ARMs decreased to 6.59% from 6.76%, with points decreasing to 0.76 from 082 for 80% LTV loans.
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