US MBA Text: Mkt Composite Unch, Refis -1% November 3 Wk

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

Association's Mortgage Applications Survey released Wednesday morning:

     Mortgage applications remained unchanged from one week earlier, according

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

Applications Survey for the week ending November 3, 2017.  

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

remained unchanged on a seasonally adjusted basis from one week earlier.  On an

unadjusted basis, the Index decreased 1 percent compared with the previous week.

 The Refinance Index decreased 1 percent from the previous week. The seasonally

adjusted Purchase Index increased 1 percent from one week earlier. The

unadjusted Purchase Index decreased 2 percent compared with the previous week

and was 9 percent higher than the same week one year ago.

     The refinance share of mortgage activity increased to 49.0 percent of total

applications from 48.7 percent the previous week. The adjustable-rate mortgage

(ARM) share of activity decreased to 6.6 percent of total applications.

     The FHA share of total applications increased to 10.6 percent from 10.4

percent the week prior. The VA share of total applications increased to 10.0

percent from 9.9 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 ($424,100 or less) decreased to 4.18 percent from 4.22

percent, with points decreasing to 0.38 from  0.43 (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 4.12 percent from 4.16

percent, with points decreasing to 0.24 from 0.27 (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 4.05 percent from 4.07 percent, with points decreasing

to 0.43 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 15-year fixed-rate mortgages

decreased to 3.51 percent from 3.52 percent, with points remaining unchanged at

0.44 (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 remained unchanged from the

week prior at 3.33 percent, with points increasing to 0.59 from 0.50 (including

the origination fee) for 80 percent LTV loans.  The effective rate increased

from last week. 

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

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