Decline in Mortgage Applications After Slight Increase

The volume of applications for mortgage loans went down by 2.3% in the week ended April 10th compared to the previous week. This is revealed in the Weekly Mortgage Applications Survey report of the MBA. The decrease in the total volume of applications was driven by a decline in both mortgage refinance applications and home purchase loan applications.

The MBA’s Market Composite Index decline by 2.3% on a seasonally adjusted basis. On an unadjusted basis, it went down by 2%. The Refinance Index declined by 2% compared to the week before as well. The share of refinance applications in the total volume of mortgage applications increased slightly to 58% from 57% in the week before.
The Purchase Index went down by 3% on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the decline was 2%. Despite the drop in the volume of applications for home purchase loans, they remained 7% higher compared to the the same week one year ago.

The share of applications for FHA loans in the total volume of applications marked a slight increase. It went up to 13.5% from 13.2% in the previous week. The VA share of applications also rose to 11.1% from 10.7%. The share of applications for USDA home loans remained unchanged at 0.8%.

Mortgage rates did not undergo major changes during the week ended April 10th, according to the report of the MBA. Their movement was mixed. The average contract rate for a 30-year fixed-rate conforming mortgage loan went slightly up to 3.87% from 3.86% in the week before. The average contract rate for a fixed-rate jumbo loan with 30-year term rose to 3.84% from 3.81%. The average contract interest rate a 30-year fixed-rate FHA loan declined to 3.67% from 3.69% in the previous week.

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