US MBA Text: Mkt Composite -2.6%, Refis -4% May 18 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 May 18, 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 4 percent from the previous week to its

lowest level since December 2000. The seasonally adjusted Purchase Index

decreased 2 percent from one week earlier. The unadjusted Purchase Index

decreased 3 percent compared with the previous week and was 3 percent higher

than the same week one year ago. 

     The refinance share of mortgage activity decreased to 35.7 percent of total

applications from 35.9 percent the previous week. The adjustable-rate mortgage

(ARM) share of activity increased to 6.8 percent of total applications. 

     The FHA share of total applications remained unchanged at 10.3 percent from

the week prior. The VA share of total applications decreased to 9.8 percent from

10.3 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 its highest level since

April 2011, 4.86 percent, from 4.77 percent, with points increasing to 0.52 from

0.50 (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 its highest level since

September 2013, 4.81 percent from 4.73 percent, with points increasing to 0.42

from 0.35 (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 increased to its highest level since May 2011, 4.90 percent from 4.78

percent, with points increasing to 0.85 from 0.76 (including the origination

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

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

increased to its highest level since February 2011, 4.31 percent from 4.20

percent, with points increasing to 0.56 from 0.53 (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, 4.12 percent from 4.09 percent, with points

decreasing to 0.46 from 0.56 (including the origination fee) for 80 percent LTV

loans. The effective rate remained unchanged from last week.

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

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