Changes between the weeks ending August 3 and August 10:
- The Market Composite Index, a measure of mortgage loan application volume, decreased 4.5% on a seasonally adjusted basis from one week earlier.
- The Refinance Index decreased 5% from the previous week. The refinance share of mortgage activity decreased slightly from the previous week and is about 81% of total applications.
- The seasonally adjusted Purchase Index decreased 2% from one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 3.76%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.03% from 4.04%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.53% from 3.54%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.12% from 3.08%.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.