WASHINGTON—Mortgage applications decreased 3.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 29, 2016.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week. The Refinance Index decreased 6% from the previous week. The seasonally adjusted Purchase Index decreased 0.1% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 13% higher than the same week one year ago, according to the MBA.
The refinance share of mortgage activity decreased to 52.9% of total applications from 54.4% the previous week. The adjustable-rate mortgage share of activity increased to 5.3% of total applications.
The FHA share of total applications increased to 13.5% from 12.3% the week prior. The VA share of total applications decreased to 11.5% from 12.2% the week prior. The USDA share of total applications decreased to 0.7% from 0.8% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.87% from 3.85%, with points increasing to 0.36 from 0.35 (including the origination fee) for 80% loan-to-value ratio 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 3.79% from 3.78%, with points increasing to 0.31 from 0.30 (including the origination fee) for 80% 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 3.69% from 3.66%, with points increasing to 0.33 from 0.26 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.13% from 3.09%, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.91% from 3.02%, with points increasing to 0.30 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.