Mortgage Applications Fall

Mortgage applications fell 5.6% on a seasonally-adjusted basis from one week earlier for the week ending April 5th, 2019, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell 5% from the previous week. The Refinance Index fell 11% over the same period, and both the adjusted and unadjusted Purchase Indexes rose 1%.
The refinance share of mortgage activity fell to 44.1% of total applications, down from 47.4% the previous week. The adjustable-rate mortgage (ARM) share fell to 7.6% over the same period. The FHA share rose to 9.6% from 8.8%, the VA share rose to 11.1% from 10.4%, and the USDA share remained unchanged at 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) rose to 4.40% from 4.36% the previous week. Points for 80% loan to value ratio (LTV) loans rose to 0.47 from 0.44. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) rose to 4.28% from 4.21%. Points for 80% LTV loans rose to 0.28 from 0.25, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.42% from 4.41%. Points for 80% LTV loans remained unchanged at 0.48, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.83% from 3.78%. Points for 80% LTV loans rose to 0.42 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.78% from 3.77%. Points for 80% LTV loans fell to 0.26 from 0.38, and the effective rate decreased from last we

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