Mortgage applications decreased 6.6% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 16, 2018.
On an unadjusted basis, the index decreased 3% from last week.
The Refinance Index decreased 7% from the previous week. The Purchase Index also decreased 6% from last week.
The refinance share of mortgage activity decreased to 44.4% of total applications, down from 46.5% the week before to its lowest level since July.
The adjustable-rate mortgage share of activity increased to 6.4% of total applications, up from 6.3% last week.
The Federal Housing Administration’s share of applications decreased from 10.1% last week to 9.9% this week, and the Veterans Affairs' share of applications decreased from 10.1% to 10%.
The Department of Agriculture’s share of total applications remained unchanged from last week’s 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 4.57% to 4.64%, the highest level since January 2014.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.62% from 4.55% last week, also hitting its highest level since January 2014.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.58%, up from last week’s 4.54% to its highest level since April 2011.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.02% from 4%, also the highest level since April 2011.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.72%, down from 3.74%.
