According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending September 1, 2017, U.S. mortgage applications increased 3.3 percent from one week earlier.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.3 percent on a seasonally adjusted basis from one week earlier. On an adjusted basis, the Index increased 2 percent compared with the previous week.

The Refinance Index increased 5 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The adjusted Purchase Index decreased 1 percent compared with the previous week and was 5 percent higher than the same week one year ago.
The refinance share of mortgage activity increased to its highest level since January 2017, 50.9 percent of total applications, from 49.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2 percent of total applications.

The FHA share of total applications decreased to 9.6 percent from 9.7 percent the week prior. The VA share of total applications decreased to 9.7 percent from 10.0 percent the week prior. The USDA share of total applications remained unchanged from the week prior at 0.7 percent.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.06 percent, from 4.11 percent, with points decreasing to 0.38 from 0.43 (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 $424,100) decreased to its lowest level since November 2016, 3.96 percent, percent from 4.00 percent; with points remaining unchanged at 0.20 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to its lowest level since November 2016, 3.98 percent, from 4.02 percent, with points decreasing to 0.35 from 0.41 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since November 2016, 3.34 percent, from 3.36 percent, with points remaining unchanged at 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to its lowest level since November 2016, 3.14 percent, from 3.26 percent, with points decreasing to 0.31 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

Courtesy of Residential Real Estate News and credited to WPJ staff

How I Did 110 Transactions A Year With NO Assistants…And You Can Too…  Get My Case Study Now>> https://www.myinvestmentservices.com/gift/

“Guiding You to Massive New Wealth in Real Estate in 1 Year or Less Guaranteed!”