MBA: Mortgage Application Volume Fell 3.4%

Posted by Patrick Barnard on May 09, 2016 No Comments
Categories : Residential Mortgage

Mortgage application volume decreased 3.4% during the week ended April 29, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances decreased 6% on higher rates, while applications for purchases decreased 0.1%.

On an unadjusted basis, total application volume decreased 3% compared with the previous week. Applications for purchases increased 1%, on an unadjusted basis, compared with the previous week and increased 13% compared with the same week one year ago.

The refinance share of mortgage activity decreased to 52.9% of total applications from 54.4% the previous week.

The average rate for 30-year, fixed-rate mortgage (FRM) was 3.87%, up from 3.85% the previous week.

The average rate for a 30-year jumbo FRM was 3.79%, up slightly from 3.78%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.69%, up from 3.66%.

The average rate for a 15-year FRM was 3.13%, up from 3.09%, based on the MBA’s research. All rates are based on closings. The survey covers about 75% of the U.S. mortgage market.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.91%, down from 3.02%.

The ARM share of activity increased to 5.3% of total applications.

Looking at application volume by loan type, the FHA share of total applications was about 13.5%, up from 12.3% the week prior. The Veterans Affairs share of total applications was about 11.5%, down from 12.2%. The U.S. Department of Agriculture share of total applications was about 0.7%, down from 0.8% the week prior.

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