US MBA Text: Mkt Composite -2.6%, Refis -2% July 27 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 2.6 percent from one week earlier,

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

Applications Survey for the week ending July 27, 2018.

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

decreased 2.6 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index decreased 3 percent compared with the previous

week. The Refinance Index decreased 2 percent from the previous week. The

seasonally adjusted Purchase Index decreased 3 percent from one week earlier.

The unadjusted Purchase Index decreased 3 percent compared with the previous

week and was 1 percent higher than the same week one year ago.

     The refinance share of mortgage activity increased to 37.1 percent of total

applications from 36.8 percent the previous week. The adjustable-rate mortgage

(ARM) share of activity increased to 6.4 percent of total applications.

     The FHA share of total applications increased to 10.4 percent from 9.9

percent the week prior. The VA share of total applications increased to 10.5

percent from 10.2 percent the week prior. The USDA share of total applications

remained unchanged at 0.8 percent from the week prior.

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

conforming loan balances ($453,100 or less) increased to 4.84 percent from 4.77

percent, with points remaining unchanged at 0.45 (including the origination fee)

for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased

from last week.

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

jumbo loan balances (greater than $453,100) increased to 4.76 percent from 4.72

percent, with points increasing to 0.37 from 0.31 (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 remained unchanged at 4.78 percent, with points increasing to 0.74

from 0.73 (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

increased to 4.29 percent from 4.23 percent, with points increasing to 0.53 from

0.44 (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 increased to its highest

level in the history of the survey, 4.17 percent from 4.09 percent, with points

increasing to 0.32 from 0.29 (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

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