US MBA Text: Mkt Composite -1.7%, Refis -3% August 24 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 1.7 percent from one week earlier,

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

Applications Survey for the week ending August 24, 2018.

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

decreased 1.7 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index decreased three percent compared with the

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

week. The seasonally adjusted Purchase Index decreased one percent from one week

earlier. The unadjusted Purchase Index decreased three percent compared with the

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

     The refinance share of mortgage activity remained unchanged at 38.7 from

the week prior. The adjustable-rate mortgage (ARM) share of activity decreased

to 6.3 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 remained unchanged at 10.5

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

unchanged at 0.7 percent from the week prior.

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

conforming loan balances ($453,100 or less) decreased to 4.78 percent from 4.81

percent, its lowest rate since the week ending July 20, 2018 with points

increasing to 0.46 from 0.42 (including the origination fee) for 80 percent

loan-to-value ratio (LTV) loans. The effective rate decreased 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 4.68 percent

from the week prior, with points increasing to 0.30 from 0.28 (including the

origination fee) for 80 percent LTV loans. The effective rate remained unchanged

from last week.

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

by the FHA decreased to 4.77 percent from 4.82 percent, with points increasing

to 0.75 from 0.69 (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

decreased to 4.24 percent from 4.25 percent, with points increasing to 0.48 from

0.47 (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 decreased to 3.95 percent

from 4.00 percent, with points decreasing to 0.34 from 0.52 (including the

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

last week

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

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