Mortgage applications decreased 1.8 percent from the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 8.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index decreased 3 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from the previous week. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 6 percent lower than the same week one year ago.
The refinance share of mortgage activity remained unchanged from the previous week at 66 percent. The adjustable-rate mortgage (ARM) share of activity increased to 7 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.44 percent, the highest level in a month, from 4.32 percent, with points increasing to 0.44 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.48 percent, the highest level in a month, from 4.37 percent, with points increasing to 0.34 from 0.26 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.16 percent from 4.07 percent, with points increasing to 0.32 from 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.52 percent, the highest level in a month, from 3.44 percent, with points decreasing to 0.27 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 5/1 ARMs increased to 3.11 percent from 3.08 percent, with points decreasing to 0.27 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.