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Mortgage Application Activity Flat Although Rates Rise: MBA

Mortgage applications increased 0.6% from one week earlier as rates rose 5 basis points on 30-year conforming and jumbo loans, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending Oct. 14 found that the refinance index decreased 1% from the previous week. This week's results included an adjustment for the Columbus Day holiday.

The seasonally adjusted purchase index increased 3% from one week earlier, while the unadjusted purchase index decreased 7% compared with the previous week and was 13% higher than the same week one year ago.

The adjustable-rate mortgage share of activity remained unchanged at 4.1%, while the Federal Housing Administration share increased 4 basis points to 11.3%.

The VA share increased to 12.8% from 12% and the USDA share remained unchanged at 0.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.73% from 3.68%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) the average contract rate increased to 3.72% from 3.67%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.54%, while for 15-year fixed-rate mortgages backed by the FHA, the average increased 6 basis points to 3.03%.

The average contract interest rate for 5/1 ARMs increased 5 basis points to 2.97%.

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