Mortgage applications increased 0.7% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 2, 2018.
On an unadjusted basis, the index increased 4% from last week.
The Refinance Index increased 1% from the previous week. However, the Purchase Index remained unchanged from last week.
The refinance share of mortgage activity decreased to 46.4% of total applications, down from 47.8% the week before to its lowest level since July 2017.
The adjustable-rate mortgage share of activity increased to 6.1% of total applications, up from 5.7% last week.
The Federal Housing Administration’s share of applications decreased from 10.7% last week to 10.4% this week, and the Veterans Affairs' share of applications remained unchanged at 10.1%.
The Department of Agriculture’s share of total applications decreased from last week’s 0.8% to 0.7% this week.
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 4.41% to 4.5%, the highest level since April 2014.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.47% from 4.34% last week, also hitting its highest level since April 2014.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.47%, up from last week’s 4.4%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.92% from 3.85%, the highest level since April 2011.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.77%, up from 3.79%.
