US MBA Text: Mkt Composite -3.3%, Refis -5% March 30 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications decreased 3.3 percent from one week earlier,  

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

Mortgage Applications Survey for the week ending March 30, 2018.         

     The Market Composite Index, a measure of mortgage loan application  

volume, decreased 3.3 percent on a seasonally adjusted basis from one    

week earlier. On an unadjusted basis, the Index decreased 3 percent      

compared with the previous week. The Refinance Index decreased 5 percent 

from the previous week. 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 5 percent higher than  

the same week one year ago.                                              

     The refinance share of mortgage activity decreased to its lowest    

level since September 2008, 38.5 percent of total applications, from     

39.4 percent the previous week. The adjustable-rate mortgage (ARM) share 

of activity decreased to 6.5 percent of total applications.              

     The FHA share of total applications increased to 10.1 percent from  

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

unchanged at 10.3 percent. The USDA share of total applications remained 

unchanged at 0.8 percent.                                                

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

with conforming loan balances ($453,100 or less) remained unchanged at   

4.69 percent, with points remaining unchanged at 0.43 (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 4.56       

percent from 4.60 percent, with points decreasing to 0.27 from 0.36      

(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 4.74 percent from 4.75 percent, with      

points decreasing to 0.54 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 15-year fixed-rate mortgages 

remained unchanged at 4.09 percent, with points decreasing to 0.42 from  

0.46 (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 3.87   

percent from 3.92 percent, with points decreasing to 0.28 from 0.46      

(including the origination fee) for 80 percent LTV loans. The effective  

rate decreased from last week                                            

--MNI Washington Bureau; +1 212-800-8517; email: sara.haire@marketnews.com

[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]