Mortgage Applications Rise

Mortgage applications rose by 2.4% on a seasonally-adjusted basis from one week earlier for the week ending May 17th, 2019, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 2% over the previous week. The Refinance Index rose by 8% over the same period. The seasonally-adjusted Purchase Index fell 2% from the previous week, and the unadjusted Purchase Index fell 3%.
“Mortgage rates fell for the fourth straight week, with the 30-year fixed rate mortgage hitting its lowest level since January 2018, leading to a rebound in refinances. The refinance index increased 8 percent to its highest level in over a month, and once again there was an increase in average refinance loan sizes, as borrowers with larger balances responded accordingly to lower rates,” says Joel Kan, MBA’s associate vice president of economic and industry forecasting.
The refinance share of mortgage activity rose to 40.5% of all applications, up from 37.9% the previous week. The adjustable-rate mortgage (ARM) share rose to 6.8% over the same period. The FHA share fell to 9.4% from 10.1%, the VA share rose to 11.0% from 10.6%, and the USDA share remained unchanged at 0.6%.
“Purchase activity declined again, but remained around 7 percent higher than a year ago,” Kan says. “We’re keeping a close eye on whether there may be some adverse effects of the ongoing global trade disputes on overall demand. Some potential homebuyers may be delaying their home search until there’s more certainty.”
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) fell to 4.33% from 4.40% the previous week. Points for 80% loan-to-value ratio (LTV) loans rose to 0.43, up from 0.40 the previous week. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) remained unchanged at 4.24%. Points for 80% LTV loans rose to 0.35 from 0.27, 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 4.34% from 4.32% the previous week. Points for 80% LTV loans fell to 0.47 from 0.49, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.78%. Points for 80% LTV loans fell to 0.40 from 0.43, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.57% from 3.82%. Points for 80% LTV loans fell to 0.37 from 0.44, and the effective rate decreased from last week.

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