The Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey looks extremely similar to the previous week’s report.
Unfortunately, like last week, the change is very minor, continuing weeks of humdrum reports. This does, however, mark its lowest level since May 2016.
The survey posted that mortgage applications decreased 1.2 % from one week earlier for the week ending Nov. 4, 2016.
Broken up, the Refinance Index decreased 3% from the previous week to its lowest level since May 2016, while the seasonally adjusted Purchase Index increased 1% from one week earlier
The refinance share of mortgage activity slightly decreased to 62.3% of total applications from 62.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.5% of total applications.
The Federal Housing Administration’s share of total applications increased to 11.6% from 11.1% the week prior, as the Veteran Affairs’ share of total applications decreased to 12.3% from 12.4% the week prior. The United States Department of Agriculture’s share of total applications stayed at 0.7% from the week prior.
Looking at the various product types, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, 3.77%, from 3.75%
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) also increased to its highest level since June 2016, 3.75%, from 3.74%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.61%, from 3.59%. This is its highest level since June 2016.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.03% from 3.04%, while the average contract interest rate for 5/1 ARMs decreased to 2.92% from 2.97%.
