While small, mortgage applications ticked up 2.9% from one week earlier, according the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending Sept. 30.
Broken up, the Refinance Index increased 5% from the previous week, as the seasonally adjusted Purchase Index decreased 0.1% from one week earlier.
The refinance share of mortgage activity edged up to 63.8% of total applications, increasing from 62.7% the previous week. The adjustable-rate mortgage share of activity increased to 4.5% of total applications.
The Federal Housing Administration’s share of total applications decreased to 10% from 10.2% the week prior. The Veteran Affairs’ share of total applications decreased to 11.4% from 11.9% the week prior, while the United States Department of Agriculture’s share of total applications increased to 0.7% from 0.6% the week prior.
Overall, mortgage interest rates didn't post too much movement.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased from 3.66% to 3.62%, marking the lowest level since July 2016.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.6% from 3.64%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.5% from 3.52%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.93% from 2.95%, as the average contract interest rate for 5/1 ARMs remained unchanged at 2.92%.
