US MBA Text: Mkt Composite -1.1%, Refis -5% March 16 Wk

     WASHINGTON (MNI) - The following is the text of the Mortgage Bankers

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 1.1 percent from one week earlier,

according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage

Applications Survey for the week ending March 16, 2018. 

     The Market Composite Index, a measure of mortgage loan application volume,

decreased 1.1 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index decreased 1 percent compared with the previous

week. The Refinance Index decreased 5 percent from the previous week. The

seasonally adjusted Purchase Index increased 1 percent from one week earlier.

The unadjusted Purchase Index increased 2 percent compared with the previous

week and was 6 percent higher than the same week one year ago. 

     The refinance share of mortgage activity decreased to its lowest level

since September 2008, 38.5 percent of total applications, from 40.1 percent the

previous week. The adjustable-rate mortgage (ARM) share of activity decreased to

7.0 percent of total applications. 

     The FHA share of total applications decreased to 10.3 percent from 10.4

percent the week prior. The VA share of total applications increased to 10.7

percent from 10.3 percent the week prior. The USDA share of total applications

decreased to 0.8 percent from 0.9 percent the week prior. 

     The average contract interest rate for 30-year fixed-rate mortgages with

conforming loan balances ($453,100 or less) decreased to 4.68 percent from 4.69

percent, with points increasing to 0.46 from 0.45 (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) remained unchanged at 4.55 percent,

with points increasing to 0.37 from 0.33 (including the origination fee) for 80

percent LTV loans. The effective rate increased from last week. 

     The average contract interest rate for 30-year fixed-rate mortgages backed

by the FHA decreased to 4.69 percent from 4.73 percent, with points increasing

to 0.81 from 0.76 (including the origination fee) for 80 percent LTV loans. The

effective rate decreased from last week. 

     The average contract interest rate for 15-year fixed-rate mortgages

increased to its highest level since April 2011, 4.12 percent, from 4.07

percent, with points increasing to 0.51 from 0.46 (including the origination

fee) for 80 percent LTV loans. The effective rate increased from last week. 

     The average contract interest rate for 5/1 ARMs decreased to 3.83 percent

from 3.93 percent, with points increasing to 0.68 from 0.45 (including the

origination fee) for 80 percent LTV loans. The effective rate decreased from

last week. If you would like to purchase a subscription of MBA's Weekly

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MTABLE,MAUDS$,M$U$$$,MK$$$$,M$$MO$]