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MBA: Refis Comprise Nearly 60 Percent of Application Activity

National Mortgage Professional
Nov 04, 2015
Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 30, 2015. Most noable this week, the refinance share of mortgage activity increased to 59.7 percent of total applications from 59.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.7 percent of total applications. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index decreased one percent from the previous week. The seasonally adjusted Purchase Index decreased one percent from one week earlier. The unadjusted Purchase Index decreased two percent compared with the previous week and was 20 percent higher than the same week one year ago. 

The FHA share of total applications decreased to 13.2 percent from 13.7 percent the week prior. The VA share of total applications decreased to 11.9 percent from 12.3 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.01 percent from 3.98 percent, with points increasing to 0.47 from  0.44 (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 $417,000) increased to 3.90 percent from 3.88 percent, with points increasing to 0.34 from 0.33 (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 increased to 3.81 percent from 3.80 percent, with points increasing to 0.32 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.24 percent from 3.22 percent, with points decreasing to 0.37 from 0.44 (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 increased to 3.12 percent from 3.03 percent, with points decreasing to 0.25 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

Published
Nov 04, 2015
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