Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased four percent compared with the previous week. The Refinance Index decreased five percent from the previous week. The seasonally adjusted Purchase Index decreased two percent from one week earlier. The unadjusted Purchase Index decreased one percent, compared with the previous week and was one percent higher than the same week one year ago.
►The refinance share of mortgage activity decreased to 59 percent of total applications, the lowest level since October 2014, from 60 percent the previous week.
►The adjustable-rate mortgage (ARM) share of activity decreased to 5.5 percent of total applications.
►The FHA share of total applications increased to 14.3 percent this week from 14 percent last week.
►The VA share of total applications decreased to 10.3 percent this week from 10.8 percent last week.
►The USDA share of total applications increased to 0.9 percent this week from 0.8 percent last week.
►The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.99 percent from 4.01 percent, with points increasing to 0.40 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
►The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with jumbo loan balances (greater than $417,000) decreased to 3.94 percent from 4.02 percent, with points increasing to 0.33 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
►The average contract interest rate for 30-year FRMs backed by the FHA decreased to 3.74 percent from 3.80 percent, with points decreasing to 0.12 from 0.20 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
►The average contract interest rate for 15-year FRMs decreased to 3.28 percent from 3.29 percent, with points increasing to 0.34 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.
►The average contract interest rate for 5/1 ARMs decreased to 2.99 percent from 3.18 percent, with points increasing to 0.43 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
