Mortgage applications decreased 2.6% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 26, 2018.
On an unadjusted basis, the index increased a full 12% from last week.
The Refinance Index decreased 3% from the previous week. The Purchase Index also decreased, falling 3% from last week.
The refinance share of mortgage activity decreased to 47.8% of total applications, down from 49.4% the week before to its lowest level since August 2017.
The adjustable-rate mortgage share of activity increased to 5.7% of total applications, up from 5.2% last week.
The Federal Housing Administration’s share of applications decreased from 11.4% last week to 10.7% this week, and the Veterans Affairs' share of applications decreased to 10.1%, down from 10.9% last week.
The Department of Agriculture’s share of total applications remained unchanged from last week at 0.8%.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased from last week’s 4.36% to 4.41%, the highest level since March 2017.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.34% from 4.31% last week, also hitting its highest level since March.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.4%, up from last week’s 4.37%, the highest level since September 2013.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.85% from 3.81%, the highest level since April 2011.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.79%, up from 3.7% and the highest level since March 2011.
