Mortgage applications returned to their decreasing trend for the week ending on October 5, 2018, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
On an unadjusted basis, the Mortgage Composite index declined 2% from the previous week.
The Refinance Index fell 3% from the previous week, the unadjusted Purchase Index slid 1% from last week but is still 2% higher than the same week in 2017, and the seasonally adjusted Purchase Index moved backwards 1% from one week prior.
The refinance share of mortgage activity decreased to 39% of total applications, down from 39.4% the week before. The adjustable-rate mortgage share of activity increased to 7.3% of total applications.
The Federal Housing Administration share of mortgage apps inched up from last week’s 10.2% to 10.5%, and the Veterans Affairs' share of applications held steady at 10% from last week.
The Department of Agriculture share of total applications increased to 0.8% from 0.7% the week before.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to its highest level since February 2011 moving to 5.05% from 4.96% the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) climbed to its highest level since July 2011, increasing from 4.93% last week to 4.99% this week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since April 2011, rising from 4.95% last week to 4.98% this week.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since April 2010, climbing from 4.39% to 4.44% this week.
The average contract interest rate for 5/1 ARMs reached its highest level in series history at 4.29% this week, up from 4.24% last week.
