MBA: Mortgage Application Volume Dipped Slightly

Mortgage application volume dipped 0.2% on a seasonally adjusted basis during the week ending Sept. 26, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, which covers over 75% of all U.S. retail residential mortgage applications.

On an unadjusted basis, the index decreased 0.4% compared with the previous week.

Applications for refinances fell 0.3%, while applications for purchases remained flat compared with the previous week.

On an unadjusted basis, purchase application volume decreased 1% compared with the previous week and was 11% lower than the same week one year ago.

The seasonally adjusted conventional purchase index, which measures applications only for conventional purchase loans, increased 1.3% to reach the highest level since July 2014.

The refinance share of mortgage activity remained unchanged at 56% of total applications.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.33%, down from 4.39% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.28%, down from 4.30% the week prior.

The average rate for a 30-year FRM backed by the Federal Housing Administration was 4.07%, down slightly from 4.08% the previous week.

The average rate for a 15-year FRM was 3.55%, down from 3.56%.

The average rate for a 5/1 adjustable rate mortgage (ARM) was 3.31%, up from 3.20% the week prior.

The ARM share of activity decreased to 7.6% of total applications.

All rates are based on closings.


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