MBA: Mortgage Applications Slightly Decrease

by Farren Washington


According to the new Mortgage Applications Survey from the Mortgage Bankers Association, mortgage applications decreased 0.8 percent from the week prior.

Refinancing activity decreased by 1 percent, while purchase mortgages rose by 20 percent. Refinancing comprised 59.5 percent of all mortgage activity, down from 59.7 percent the previous week. In the meantime, adjustable-rate mortgages comprised 6.7 percent of all mortgage activity.

MBA Mortgage Weekly Survey

Other noteworthy details in the survey included:

  • The FHA comprised 13.2 percent of all mortgages, down from 13.7 percent the previous week.
  • VA mortgages, meanwhile, saw their share fall to 11.9 percent from 12.3 percent.
  • For 30-year FRM of $417,000 or less, interest rates increased to 4.01 percent from 3.98 percent; for mortgages greater than $417,000, rates rose from 3.88 to 3.90 percent.
  • For 30-year FRM backed by the FHA, increased to 3.81 percent from 3.80 percent.
  • The 15-year fixed-rate mortgages increased to 3.24 percent from 3.22 percent.
  • The interest rate for 5/1 ARMs increased to 3.12 percent from 3.03 percent.

The survey covers over 75 percent of all U.S.-based retail residential mortgage applications, and has been conducted on a weekly basis since 1990.

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