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MBA: Mortgage Applications Decline

by Farren Washington

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According to the new Mortgage Applications Survey from the Mortgage Bankers Association, mortgage applications declined 6.2 percent from the week prior.

Refinancing activity was down by 10 percent, while purchase mortgages were down by 1 percent. Refinancing comprised 56.9 percent of all mortgage activity, down from 58.7 percent the previous week. In the meantime, adjustable-rate mortgages comprised 6.9 percent of all mortgage activity.

MBA Mortgage Weekly Survey

Other noteworthy details in the survey included:

  • The FHA comprised 13.4 percent of all mortgages, up from 12.7 percent the previous week.
  • VA mortgages, meanwhile, saw their share rise from 9.8 percent to 10.8 percent.
  • For 30-year FRM of $417,000 or less, interest rates increased from 4.08 percent to 4.10 percent; for mortgages greater than $417,000, rates fell from 4.05 to 4.03 percent.
  • For 30-year FRM backed by the FHA, rates increased to 3.90 percent from 3.87 percent.
  • The interest rates for 15-year FRM increased to 3.34 percent, from 3.30 percent.
  • Finally, rates for 5/1 ARMs decreased to 3.03 percent, from 3.05 percent.

The survey covers more than 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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