US MBA Text: Mkt Composite +4.2%, Refis +6% August 17 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications increased 4.2 percent from one week earlier,

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

Applications Survey for the week ending August 17, 2018.

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

increased 4.2 percent on a seasonally adjusted basis from one week earlier. On

an unadjusted basis, the Index increased three percent compared with the

previous week. The Refinance Index increased six percent from the previous week.

The seasonally adjusted Purchase Index increased three percent from one week

earlier. The unadjusted Purchase Index increased one percent compared with the

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

     The refinance share of mortgage activity increased to 38.7 percent of total

applications from 37.6 percent the previous week. The adjustable-rate mortgage

(ARM) share of activity increased to 6.5 percent of total applications.

     The FHA share of total applications decreased to 10.2 percent from 10.4

percent the week prior. The VA share of total applications decreased to 10.5

percent from 10.6 percent the week prior. The USDA share of total applications

decreased to 0.7 percent from 0.8 percent the week prior.

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

conforming loan balances ($453,100 or less) remained unchanged from 4.81

percent, with points decreasing to 0.42 from 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 4.68 percent from 4.73

percent, with points decreasing to 0.28 from 0.29 (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 increased to 4.82 percent from 4.77 percent, with points increasing

to 0.69 from 0.68 (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 4.25 percent from 4.27 percent, with points decreasing to 0.47 from

0.52 (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 4.00 percent

from 4.06 percent, with points increasing to 0.52 from 0.48 (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$]