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US MBA Text: Mkt Composite -0.1%, Refis -1% August 31 Wk

     WASHINGTON (MNI) - The following is the text of the Mortgage Bankers
Association's Mortgage Applications Survey released Wednesday morning:
     Mortgage applications decreased 0.1 percent from one week earlier,
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage
Applications Survey for the week ending August 31, 2018.
     The Market Composite Index, a measure of mortgage loan application volume,
decreased 0.1 percent on a seasonally adjusted basis from one week earlier. On
an unadjusted basis, the Index decreased 2 percent compared with the previous
week. The Refinance Index decreased 1 percent from the previous week. The
seasonally adjusted Purchase Index increased 1 percent from one week earlier.
The unadjusted Purchase Index decreased 2 percent compared with the previous
week and was 2 percent higher than the same week one year ago.
     The refinance share of mortgage activity increased to 38.9 percent of total
applications from 38.7 percent the previous week. The adjustable-rate mortgage
(ARM) share of activity decreased to 6.1 percent of total applications.
     The FHA share of total applications remained unchanged at 10.2 percent from
the week prior. The VA share of total applications decreased to 10.0 percent
from 10.5 percent the week prior. The USDA share of total applications increased
to 0.8 percent from 0.7 percent the week prior.
     The average contract interest rate for 30-year fixed-rate mortgages with
conforming loan balances ($453,100 or less) increased to 4.80 percent from 4.78
percent, with points decreasing to 0.43 from 0.46 (including the origination
fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained
unchanged from last week.
     The average contract interest rate for 30-year fixed-rate mortgages with
jumbo loan balances (greater than $453,100) decreased to 4.67 percent from 4.68
percent, with points remained unchanged at 0.30 (including the origination fee)
for 80 percent LTV loans. The effective rate decreased from last week.
     The average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA increased to 4.79 percent from 4.77 percent, with points decreasing
to 0.69 from 0.75 (including the origination fee) for 80 percent LTV loans. The
effective rate remained unchanged from last week.
     The average contract interest rate for 15-year fixed-rate mortgages
decreased to 4.23 percent from 4.24 percent, with points decreasing to 0.45 from
0.48 (including the origination fee) for 80 percent LTV loans. The effective
rate decreased from last week.
     The average contract interest rate for 5/1 ARMs increased to 4.09 percent
from 3.95 percent, with points decreasing to 0.31 from 0.34 (including the
origination fee) for 80 percent LTV loans. The effective rate increased from
last week.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]

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