US MBA Text: Mkt Composite -3.1%, Refis -8% November 24 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 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 24, 2017. This week's results

include an adjustment for the Thanksgiving holiday. 

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

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

an unadjusted basis, the Index decreased 34 percent compared with the previous

week. The Refinance Index decreased 8 percent from the previous week to its

lowest level since January 2017. The seasonally adjusted Purchase Index

increased 2 percent from one week earlier to its highest level since September

2017. The unadjusted Purchase Index decreased 32 percent compared with the

previous week and was 6 percent higher than the same week one year ago. 

     The refinance share of mortgage activity decreased to 48.7 percent of total

applications from 49.9 percent the previous week. The adjustable-rate mortgage

(ARM) share of activity decreased to 6.2 percent of total applications. 

     The FHA share of total applications increased to 10.8 percent from 10.6

percent the week prior. The VA share of total applications increased to 11.0

percent from 10.7 percent the week prior. The USDA share of total applications

increased to 0.8 percent from 0.7 percent the week prior. 

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

conforming loan balances ($424,100 or less) remained unchanged from the week

prior at 4.20 percent, with points decreasing to 0.34 from 0.42 (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 $424,100) decreased to 4.14 percent from 4.16

percent, with points decreasing to 0.27 from 0.30 (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 4.07 percent from 4.08 percent, with points decreasing

to 0.37 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 15-year fixed-rate mortgages

increased to 3.57 percent from 3.56 percent, with points decreasing to 0.40 from

0.42 (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 3.42 percent

from 3.31 percent, with points increasing to 0.58 from 0.38 (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$]