MBA: Mortgage Applications Decline in Weekly Survey

by Farren Washington


According to the new Mortgage Applications Survey from the Mortgage Bankers Association, mortgage applications declined 7.0 percent from the week prior.

Refinancing activity was down by 9 percent, while purchase mortgages were down by 4 percent. Refinancing comprised 56.2 percent of all mortgage activity, down from 56.9 percent the previous week. In the meantime, adjustable-rate mortgages comprised 6.8 percent of all mortgage activity.

MBA Mortgage Weekly Survey

Other noteworthy details in the survey included:

  • The FHA comprised 14.2 percent of all mortgages, up from 13.4 percent the previous week.
  • VA mortgages, meanwhile, saw their share fall from 10.8 percent to 10.7 percent.
  • For 30-year FRM of $417,000 or less, interest rates decreased from 4.10 percent to 4.09 percent; for mortgages greater than $417,000, rates rose from 4.03 to 4.04 percent.
  • For 30-year FRM backed by the FHA, rates decreased to 3.88 percent from 3.90 percent.
  • The 15-year fixed-rate mortgages decreased to 3.33 percent from 3.34 percent.
  • The interest rate for 5/1 ARMs increased to 3.04 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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