Mortgage applications increased slightly, rising 0.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 2, 2018.
The MBA pointed out last week’s results included an adjustment for the Presidents’ Day holiday.
On an unadjusted basis, the index increased 13% from last week.
The Refinance Index increased 2% from the previous week. The Purchase Index, however, decreased 1% from last week.
The refinance share of mortgage activity remained unchanged from last week at 41.8% of total applications.
The adjustable-rate mortgage share of activity increased to 7.3% of total applications, up from 6.7% last week to its highest level since June.
The Federal Housing Administration share of applications decreased from 10.3% last week to 10.1% this week, and the Veterans Affairs' share of applications decreased from 10.7% to 9.9%.
The Department of Agriculture share of total applications increased from last week’s 0.8% to 0.9% 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 4.64% to 4.65% this week, 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) decreased to 4.56% from 4.57% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged from last week at 4.68%, still its highest level since April 2011.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.11% from 4.07%, also the highest level since April 2011.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.81%, up from 3.85%.
