The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week increase of 4.6% in the group’s seasonally adjusted composite index for the week ending March 27. That followed an increase of 9.5% for the week ending March 20. Mortgage loan rates decreased on three types of loans last week and increased on two.
On an unadjusted basis, the composite index increased by 5% week-over-week. The seasonally adjusted purchase index increased 6%, compared to the week ended March 20. The unadjusted purchase index also rose by 6% for the week, and it is now 8% higher year-over-year.
The MBA’s refinance index increased 4% week-over-week, and the percentage of all new applications that were seeking refinancing slipped from 61% to 60%.
Adjustable rate mortgage loans accounted for 5.6% of all applications, down from 5.8% in the prior week.
The FHA share of all applications fell from 13.3% a week ago to 12.8%, and the VA share increased from 10.1% to 10.5%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.90% to 3.89%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.89% to 3.90%. The average interest rate for a 15-year fixed-rate mortgage dropped from 3.22% to 3.21%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 2.97% to 2.93%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.71% to 3.73%.
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