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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 3.0 percent from one week earlier,
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage
Applications Survey for the week ending August 3, 2018.
     The Market Composite Index, a measure of mortgage loan application volume,
decreased 3.0 percent on a seasonally adjusted basis from one week earlier to
its lowest level since January 2016. On an unadjusted basis, the Index decreased
3 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 2 percent compared with the previous
week and was 2 percent lower than the same week one year ago.
     The refinance share of mortgage activity decreased to 36.6 percent of total
applications from 37.1 percent the previous week. 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 10.4 percent from
the week prior. The VA share of total applications increased to 10.6 percent
from 10.5 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) remained unchanged at 4.84 percent,
with points remaining unchanged at 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 $453,100) decreased to 4.74 percent from 4.76
percent, with points increasing to 0.39 from 0.37 (including the origination
fee) for 80 percent LTV loans. The effective rate remained unchanged from last
week.
     The average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA increased to 4.83 percent from 4.78 percent, with points increasing
to 0.76 from 0.74 (including the origination fee) for 80 percent LTV loans. The
effective rate increased from last week.
     The average contract interest rate for 15-year fixed-rate mortgages
decreased to 4.26 percent from 4.29 percent, with points decreasing to 0.48 from
0.53 (including the origination fee) for 80 percent LTV loans. The effective
rate decreased from last week.
     The average contract interest rate for 5/1 ARMs decreased to 4.07 percent
from 4.17 percent, with points increasing to 0.42 from 0.32 (including the
origination fee) for 80 percent LTV loans. The effective rate decreased from
last week.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]