US MBA Text: Mkt Composite +3.1%, Refis +6% November 10 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications increased 3.1 percent from one week earlier,

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

Applications Survey for the week ending November 10, 2017. This week's results

do not include an adjustment for the Veterans' Day holiday. 

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

increased 3.1 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index increased 2 percent compared with the previous

week. The Refinance Index increased 6 percent from the previous week to its

highest level since October 2017. The seasonally adjusted Purchase Index

increased 0.4 percent from one week earlier. The unadjusted Purchase Index

decreased 3 percent compared with the previous week and was 17 percent higher

than the same week one year ago. 

     The refinance share of mortgage activity increased to its highest level

since September 2017, 51.3 percent of total applications, from 49.0 percent the

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

6.4 percent of total applications. 

     The FHA share of total applications decreased to 10.2 percent from 10.6

percent the week prior. The VA share of total applications increased to 10.1

percent from 10.0 percent the week prior. The USDA share of total applications

remained unchanged from the week prior at 0.7 percent. 

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

conforming loan balances ($424,100 or less) remained unchanged at 4.18 percent,

with points increasing to 0.40 from 0.38 (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 $424,100) remained unchanged at 4.12 percent,

with points increasing to 0.26 from 0.24 (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 remained unchanged at 4.05 percent, with points decreasing to 0.40

from 0.43 (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 its highest level since March 2017, 3.54 percent, from 3.51

percent, with points decreasing to 0.43 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 since March 2017, 3.41 percent, from 3.33 percent, with points decreasing

to 0.37 from 0.59 (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$]