Mortgage Apps Inch Up Last Week
The Market Composite Index, a measure of mortgage loan application volume, was 656.3, an increase of 0.7% on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index decreased 9.3% compared with the previous week and was up 0.7% compared with the same week one year earlier.
The Refinance Index decreased 1.1% from the previous week and the seasonally adjusted Purchase Index increased 2.1%. On an unadjusted basis, the Purchase Index decreased 7.9%. The seasonally adjusted Conventional Index increased 0.3%, and the seasonally adjusted Government Index increased 3.9%.
The refinance share of mortgage activity decreased to 45.3% of total applications from 46.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 13.5% from 13.6% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.40%, with points increasing to 1.04 from 1.00 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.09% from 6.03%, with points decreasing to 1.03 from 1.12 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs increased to 6.17% from 6.15%, with points increasing to 0.94 from 0.92 (including the origination fee) for 80% LTV loans.