Average contract interest rates fall across multiple mortgage loan types
By Mary Salmonsen | Builder
According to data from the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications survey, the Market Composite Index, a measure of mortgage loan application volume, rose 0.4% on a seasonally adjusted basis over the week ending July 21, 2017. On an unadjusted basis, the Index increased by 1% over the same period.
The Refinance Index rose by 3% over the week ending July 21st, and both the seasonally-adjusted Purchase Index and the unadjusted Purchase Index fell by 2%.
The refinance share of mortgage activity increased to 46.0% of all applications, up from 44.7% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.8%. The FHA share of total applications decreased to 10.2% from 10.7%, the VA share decreased to 10.5% from 10.7%, and the USDA share increased to 0.8% from 0.7%.
