U.S. Mortgage Applications Volume Dips in Mid-July
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22 percent compared with the previous week.
The Refinance Index increased 2 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 19 percent compared with the previous week and was 1 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to 36.5 percent of total applications from 34.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent of total applications.
The FHA share of total applications increased to 10.6 percent from 10.0 percent the week prior. The VA share of total applications decreased to 10.2 percent from 11.3 percent the week prior. The USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.77 percent from 4.76 percent, with points increasing to 0.46 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.66 percent from 4.68 percent, with points increasing to 0.30 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.78 percent from 4.80 percent, with points decreasing to 0.69 from 0.75 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.22 percent from 4.18 percent, with points decreasing to 0.42 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs decreased to 4.12 percent from 4.13 percent, with points increasing to 0.39 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates moderated in mid-November, after increasing last week.
According to the American Institute of Architects (AIA), U.S. architecture firm billings growth softened in October 2018 but remained positive for the thirteenth consecutive month.
The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 4.47 percent of all loans outstanding at the end of the third quarter of 2018.
According to the Mortgage Bankers Association's latest Mortgage Credit Availability Index, mortgage credit availability in the U.S. increased in October 2018.
The National Association of Realtors is reporting this week that single female buyers continue to be a powerful force in the U.S. housing market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.
According to a new report released by the American Institute of Architects, architecture firm billings growth slowed in September 2018 but remained positive for the twelfth consecutive month.
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