MBA: Mortgage Application Volume Decreased 1.0%

Posted by Patrick Barnard on March 30, 2016 No Comments
Categories : Residential Mortgage

Mortgage application volume decreased 1.0% during the week ended March 25, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances decreased 3%, while applications for purchases increased 2% compared with the previous week.

On an unadjusted basis, total application volume decreased 1% compared with the previous week. Applications for purchases increased 3%, on an unadjusted basis, and increased 21% compared with the same week one year ago.

The refinance share of mortgage activity decreased to 52.4% of total applications from 53.9% the previous week.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.94%, up slightly from 3.93% the previous week.

The average rate for a jumbo 30-year FRM was 3.82%, down from 3.85%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.76%, up from 3.74%.

The average rate for a 15-year FRM was 3.19%, up from 3.18%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.07%, down from 3.13%.

The ARM share of activity remained unchanged at 4.9% of total applications.

Looking at volume by loan type, applications for mortgages backed by the FHA made up about 11.5% of all applications – down from 11.8% the week prior. Applications for Veterans Affairs loans were about 12.9% of all applications – up from 12.6%. Applications for U.S. Department of Agriculture loans remained unchanged at 0.9% of total volume.

Register here to receive our Latest Headlines email newsletter

Leave a Comment