Application Volume
Changes between the weeks ending August 24 and August 31:
- The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5% on a seasonally adjusted basis from one week earlier.
- The seasonally adjusted Purchase Index decreased 0.8% from one week earlier.
- The Refinance Index decreased 3% from the previous week to the lowest level since May 2012.
Interest Rates
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.78% from 3.80%, with points decreasing to 0.37 from 0.42 (including the origination fee) for 80% 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 $417,500) decreased to 4.05% from 4.06%, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80% 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 3.54% from 3.60%, with points decreasing to 0.44 from 0.48 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.10% from 3.12%, with points decreasing to 0.37 from 0.44 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
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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.
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