US MBA Text: Mkt Composite -2.9%, Refis -5% May 25 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 2.9 percent from one week earlier,

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

Applications Survey for the week ending May 25, 2018. 

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

decreased 2.9 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index decreased 4 percent compared with the previous

week. The Refinance Index decreased 5 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 2 percent higher

than the same week one year ago. 

     The refinance share of mortgage activity decreased to its lowest level

since August 2008, 35.3 percent of total applications, from 35.7 percent the

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

6.7 percent of total applications. 

     The FHA share of total applications decreased to 9.9 percent from 10.3

percent the week prior. The VA share of total applications increased to 9.9

percent from 9.8 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) decreased to 4.84 percent from 4.86

percent, with points decreasing to 0.47 from 0.52 (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) decreased to 4.73 percent from 4.81

percent, with points decreasing to 0.36 from 0.42 (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 decreased to 4.85 percent from 4.90 percent, with points increasing

to 0.88 from 0.85 (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 4.31 percent, with points decreasing to 0.51 from

0.56 (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 4.11 percent

from 4.12 percent, with points increasing to 0.62 from 0.46 (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$]