Unsurprisingly, mortgage applications barely moved in the Mortgage Bankers Association’s newest Weekly Mortgage Applications Survey for the week ending Oct. 14.
However, the week did get cut short due to the Columbus Day holiday, which impacted the results.
According to the MBA’s latest data, mortgage applications increased a mere 0.6% from one week earlier.
This slight increase follows recent trends of small increases in applications. However, last week’s report posted a 6% decline.
Broken up, the Refinance Index decreased 1% from the previous week, while the seasonally adjusted Purchase Index increased 3% from one week earlier.
The overall refinance share of mortgage activity decreased to 61.5% of total applications, down from 62.4% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 4.1% of total applications.
The Federal Housing Administration share of total applications increased to 11.3% from 10.9% the week prior. The Veteran Affairs share of total applications increased to 12.8% from 12% the week prior. The United States Department of Agriculture share of total applications stayed unchanged at 0.7%.
As far as rates go, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, 3.73%, from 3.68%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to its highest level since June 2016, 3.72%, from 3.67%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.54%.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since June 2016, 3.03%, from 2.97%, as the average contract interest rate for 5/1 ARMs increased to its highest level since May 2016, 2.97%.
