The Mortgage Bankers Association (MBA) released its latest report on mortgage applications Wednesday morning. It noted a week-over-week decrease of 2.3% in the group’s seasonally adjusted composite index for the week ending April 10, following an increase of 0.4% for the week ending April 3. Mortgage loan rates increased modestly on four types of loans last week and decreased on a fifth.
On an unadjusted basis, the composite index decreased by 2% week-over-week. The seasonally adjusted purchase index decreased 3% compared to the week ended April 3. The unadjusted purchase index decreased by 2% for the week and is now 7% higher year-over-year.
The MBA’s refinance index decreased 2% week-over-week, and the percentage of all new applications that were seeking refinancing rose from 57% to 58%.
Purchase volume dropped last week for the first time in four weeks.
Adjustable rate mortgage loans accounted for 5.4% of all applications, down from 5.5% in the prior week.
The FHA share of all applications rose from 13.2% a week ago to 13.5%, and the VA share increased from 10.7% to 11.1%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.86% to 3.87%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.81% to 3.84%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.15% to 3.16%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.76% to 2.82%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.69% to 3.67%.
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