Mortgage applications continue to fluctuate and increased 2.7% from one week earlier, according to latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 21, 2017.
This is compared to the previous report that recorded a 1.8% decrease in applications.
When you break apart refinance and purchase applications, the Refinance Index increased 7% from the previous week.
However, the seasonally adjusted Purchase Index decreased 1% from one week earlier.
The refinance share of mortgage activity increased after falling to the lowest level since September 2008 at the beginning of the month. The refinance share of mortgage activity now sits at 44% of total applications, up from 42.4% the previous week.
The adjustable-rate mortgage share of activity increased to 8.7% of total applications.
Meanwhile, the average loan size for refinance applications increased to its highest level since September 2016, $266,900. At the start of April, the average loan size for purchase applications reached a survey high, coming in at $318,700.
The Federal Housing Administration’s share of total applications decreased to 10% from 11% the week prior, while the Veterans Affairs’ share of total applications decreased to 10.9% from 11.1% the week prior.
The United States Department of Agriculture’s share of total applications also decreased, falling to 0.8% from 1% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.20%, from 4.22%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) remained unchanged from 4.15%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.03% from 4.09%, as the average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since November 2016, 3.46%.
Falling to its lowest level since November 2016, the average contract interest rate for 5/1 ARMs decreased to 3.22%, from 3.27%.
