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Free AccessUS MBA Text: Mkt Composite -3.2%, Refis -4.3% November 9 Wk
WASHINGTON (MNI) - The following is the text of the Mortgage Bankers
Association's Mortgage Applications Survey released Wednesday morning:
Mortgage applications decreased 3.2 percent from one week earlier,
according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage
Applications Survey for the week ending November 9, 2018.
The Market Composite Index, a measure of mortgage loan application volume,
decreased 3.2 percent on a seasonally adjusted basis from one week earlier. On
an unadjusted basis, the Index decreased five percent compared with the previous
week. The Refinance Index decreased 4.3 percent from the previous week reaching
its lowest level since December 2000. The seasonally adjusted Purchase Index
decreased 2.3 percent from one week earlier reaching its lowest level since
February 2017. The unadjusted Purchase Index decreased 5 percent compared with
the previous week and was 3 percent lower than the same week one year ago.
"Recent volatility in the financial markets and increasing rates continue
to adversely impact mortgage application activity, even as the general economic
outlook remains positive," said Joel Kan, MBA's AVP of Economic and Industry
Forecasting. "Both home purchase and mortgage refinance applications decreased
over the week, driven largely by declines in conventional applications. Mortgage
rates increased over the week for most loan types, with the 30-year fixed rate
mortgage increasing to 5.17 percent - the highest level since 2010."
The refinance share of mortgage activity increased to 39.4 percent of total
applications from 39.1 percent the previous week. The adjustable-rate mortgage
(ARM) share of activity decreased to 7.7 percent of total applications.
The FHA share of total applications increased to 10.6 percent from 10.1
percent the week prior. The VA share of total applications remained unchanged at
10.1 percent from the week prior. The USDA share of total applications remained
unchanged at 0.7 percent from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with
conforming loan balances ($453,100 or less) increased to 5.17 percent from 5.15
percent, with points increasing to 0.55 from 0.51 (including the origination
fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate
increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with
jumbo loan balances (greater than $453,100) increased to 4.98 percent from 4.97
percent, with points increasing to 0.28 from 0.27 (including the origination
fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA decreased to 5.08 percent from 5.15 percent, with points decreasing
to 0.55 from 0.64 (including the origination fee) for 80 percent LTV loans. The
effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages
increased to 4.57 percent from 4.55 percent, with points increasing to 0.56 from
0.51 (including the origination fee) for 80 percent LTV loans. The effective
rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 4.45 percent
from 4.36 percent, with points decreasing to 0.31 from 0.35 (including the
origination fee) for 80 percent LTV loans. The effective rate increased from
last week.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.