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     WASHINGTON (MNI) - The following is the text of the Mortgage Bankers
Association's Mortgage Applications Survey released Wednesday morning:
     Mortgage applications decreased 2.7 percent from one week earlier,
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage
Applications Survey for the week ending January 18, 2019. 
     The Market Composite Index, a measure of mortgage loan application volume,
decreased 2.7 percent on a seasonally adjusted basis from one week earlier. On
an unadjusted basis, the Index decreased 0.3 percent compared with the previous
week. The Refinance Index decreased 5 percent from the previous week. The
seasonally adjusted Purchase Index decreased 2 percent from one week earlier.
The unadjusted Purchase Index increased 4 percent compared with the previous
week and was 13 percent higher than the same week one year ago. 
     "Mortgage application activity cooled off last week after two consecutive
weeks of sizeable increases. Both purchase and refinance applications saw
declines but remained at healthy levels, with the purchase index remaining close
to a nine-year high, and the refinance index hovering near its highest level
since last spring," said Joel Kan, MBA's Associate Vice President of Economic
and Industry Forecasting. "Reversing the recent downward trend, borrowers saw
increasing rates for most loan types last week, as better-than-expected
unemployment claims, easing trade tensions and stabilization in the equity
markets ultimately led to a rise in Treasury rates." 
     The refinance share of mortgage activity decreased to 44.5 percent of total
applications from 46.8 percent the previous week. The adjustable-rate mortgage
(ARM) share of activity decreased to 8.3 percent of total applications. 
     The FHA share of total applications decreased to 10.5 percent from 10.9
percent the week prior. The VA share of total applications decreased to 10.3
percent from 10.4 percent the week prior. The USDA share of total applications
decreased to 0.4 percent from 0.5 percent the week prior. 
     The average contract interest rate for 30-year fixed-rate mortgages with
conforming loan balances ($484,350 or less) increased to 4.75 percent from 4.74
percent, with points decreasing to 0.44 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 $484,350) increased to 4.59 percent from 4.53
percent, with points decreasing to 0.25 from 0.31 (including the origination
fee) for 80 percent LTV loans. The effective rate decreased from last week. 
     The average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA increased to 4.82 percent from 4.76 percent, with points increasing
to 0.62 from 0.52 (including the origination fee) for 80 percent LTV loans. The
effective rate increased from last week. 
     The average contract interest rate for 15-year fixed-rate mortgages
decreased to 4.12 percent from 4.13 percent, with points increasing to 0.53 from
0.45 (including the origination fee) for 80 percent LTV loans. The effective
rate increased from last week. 
     The average contract interest rate for 5/1 ARMs increased to 4.12 percent
from 4.08 percent, with points increasing to 0.42 from 0.32 (including the
origination fee) for 80 percent LTV loans. The effective rate increased from
last week.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]

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