Mortgage applications decreased 0.7 percent from one week earlier, according
to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage
Applications Survey for the week ending October 9, 2020.
The
Market Composite Index, a measure of mortgage loan application volume,
decreased 0.7 percent on a seasonally adjusted basis from one week
earlier. On an unadjusted basis, the Index decreased 1 percent compared
with the previous week. The Refinance Index decreased 0.3 percent from
the previous week and was 44 percent higher than the same week one year
ago. The seasonally adjusted Purchase Index decreased 2 percent from one
week earlier. The unadjusted Purchase Index decreased 1 percent
compared with the previous week and was 24 percent higher than the same
week one year ago.
The refinance share of mortgage activity increased to 65.6 percent of
total applications from 65.4 percent the previous week. The
adjustable-rate mortgage (ARM) share of activity decreased to 2.0
percent of total applications.
The FHA share of total
applications decreased to 10.7 percent from 11.0 percent the week prior.
The VA share of total applications increased to 13.4 percent from 12.2
percent the week prior. The USDA share of total applications increased
to 0.6 percent from 0.5 percent the week prior.
The
average contract interest rate for 30-year fixed-rate mortgages with
conforming loan balances ($510,400 or less) decreased to 3.00 percent
from 3.01 percent, with points decreasing to 0.32 from 0.37 (including
the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The
effective rate decreased from last week.
The average contract
interest rate for 30-year fixed-rate mortgages with jumbo loan balances
(greater than $510,400) decreased to 3.30 percent from 3.31 percent,
with points increasing to 0.35 from 0.30 (including the origination fee)
for 80 percent LTV loans. The effective rate increased from last week.
The
average contract interest rate for 30-year fixed-rate mortgages backed
by the FHA remained unchanged at 3.12 percent, with points increasing to
0.35 from 0.32 (including the origination fee) for 80 percent LTV
loans. The effective rate increased from last week.
The
average contract interest rate for 15-year fixed-rate mortgages remained
unchanged at 2.59 percent, with points decreasing to 0.32 from 0.36
(including the origination fee) for 80 percent LTV loans. The effective
rate decreased from last week.
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