Seasonally adjusted mortgage applications dropped 7.3% week-to-week, according to the Mortgage Bankers Association’s Market Composite Index for the week ending May 10.
On an unadjusted basis, the index dropped 7% from
The unadjusted Purchase Index also dropped 4% from the previous week and was 10% higher than the same week one year ago.
The refinance share and adjustable-rate mortgage share of mortgage activity remained constant at 76% and 4% of total applications, respectively.
After declining for seven weeks straight, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.67% from 3.59%,with points increasing to 0.41 of a point from 0.33 of a point (including the origination fee) for 80% loan-to-value ratio loans. This rate is at its highest level since the week ending April 12. The effective rate increased from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 3.87% from 3.79%,with points increasing to 0.25 of a point from 0.2 of a point (including the origination fee) for 80% LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.43% from 3.35%,with points decreasing to 0.16 of a point from 0.57 of a point (including the origination fee) for 80% LTV loans. The effective rate decreased from the previous week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 2.88% from 2.81%, with points increasing to 0.31 of a point from 0.29 of a point (including the origination fee) for 80% LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 5/1 ARMs increased to 2.55% from 2.53%,with points increasing to 0.23 of a point from 0.15 of a point (including the origination fee) for 80% LTV loans. The effective rate increased from the previous week.
