Further Decline in Mortgage Applications


The Market Composite Index showing the movement in mortgage applications went down by 0.2% on a seasonally adjusted basis in the week ending September 26th. The Index is compiled by the Mortgage Bankers Association via its weekly survey.

The mortgage refinance applications declined by 0.3% on a seasonally adjusted basis from the previous week which ended September 19th. The total share of applications for refinance remained unchanged from the week before. It stood at 56% of the total volume of mortgage applications.

There were no changes in the number of home purchase loan applications on a seasonally adjusted basis during the week ended September 26th. On an unadjusted basis, the home purchase loan applications declined by 1%. They are 11% lower compared to the same week one year ago.

Despite the lack of major movement in home purchase loan applications, the applications for conventional mortgage loans rose by 1.3% on a seasonally adjusted basis to reach their highest level since July of this year during the week. The applications for FHA loans went down during the week. There was a decline in the applications for VA and USDA loans as well.

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The average contract interest rate on a 30-year fixed-rate conforming mortgage loan was 4.33% in the week ended September 26th, according to the weekly survey of MBA. It decreased from 4.39% during the week before. The average contract interest rate on jumbo home loans was 4.28%. It went down from 4.30% during the previous week. The average contract interest rate on a 30-year fixed FHA loan decline to 4.07% from 4.08% during the week.

The average contract interest rate on a 15-year fixed-rate conforming mortgage was 3.55% down from 3.56% during the week before. The average contract rate on a 5-year adjustable rate mortgage was 3.31%. It experienced an increase from 3.20% during the previous week.

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Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info

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