Mortgage applications decreased for the second consecutive week, falling 1.9% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 6, 2018.
On an unadjusted basis, the index decreased 1% from last week.
The Refinance Index fell 2% from the previous week. The Purchase Index also decreased, also dropping 2% from last week.
The refinance share of mortgage activity decreased from last week’s 38.5% to 38.4% of total applications, still its lowest level since September 2008.
The adjustable-rate mortgage share of activity decreased from 6.5% last week to 6.3% of total applications.
The Federal Housing Administration share of applications increased from 10.1% last week to 11% this week, and the Veterans Affairs' share of applications increased from 10.3% last week to 10.9%.
The Department of Agriculture share of total applications remained unchanged from last week at 0.8% this week.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased from last week’s 4.69% to 4.66%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.53%, down from 4.56% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.74% to 4.66%.
The average contract interest rate for 15-year fixed-rate mortgages decreased from last week’s 4.09% to 4.08%.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.93%, down from 3.87% to its highest level since February 2011.
