Loan applications, on a seasonally adjusted basis, inched up in the latest week tracked by the Mortgage Bankers Association’s survey as purchase apps decreased slightly and refinance apps increased a bit in response to a slight drop in rates.
Overall apps for the week ending Jan. 7 crept upward by 2.2% on a seasonally adjusted basis as refis jumped 4.9%, offsetting a 3.7% drop in the seasonally adjusted Purchase Index.
The four week moving average for the MBA’s overall seasonally adjusted Market Index was down 5.3% during that week. The four-week moving average was down 1.0% for the seasonally adjusted Purchase Index. This average was down 7.5% for the Refinance Index.
The percentage of apps that were refis during the week was 72.1%, up slightly from 71.0% the previous week. The percentage of apps that were for adjustable-rate mortgages during the week ending Jan. 7 was 4.9%, down slightly from 5.0% the previous week.
The average rate for a 30-year fixed rate mortgage during that week was 4.78%, according to the MBA. This was down from 4.82% the previous week, marking the second straight week of a decline for this rate and leaving it 15 basis points lower than the survey’s seven-month high two weeks previous.
Points, including the origination fee for loans with an 80% loan-to-value ratio, dropped to 0.91 from 1.10 between the week ending Jan. 7 and the previous one, according to the MBA.
Like the average weekly 30-year rate, the average 15-year FRM rate fell a bit in the latest week tracked by the MBA. During the week ending Jan. 7, the average 15-year rate was 4.15% compared to 4.23% the previous week.
Points, including the origination fee, on a 15-year loan with an 80% LTV were 1.01 during the week ending Jan. 7, according to the MBA. This was up slightly from 1.00 the previous week.
