Mortgage Daily

Published On: October 3, 2018

A weekly bump in purchase-money applications was offset by a dip in refinances. The share of loan applications for adjustable-rate mortgages was the most broad it’s been in four months.

Based on the Market Composite Index for the week ended Sept. 28, applications for retail-originated loans secured by single-family properties were completed at the same pace as a week earlier.

But when the seasonal adjustments are removed from the index, a measure of mortgage application volume,
the number of applications
were modestly lower by 0.2 percent.

The index is part of the Weekly Mortgage Applications Survey, which covers more than three-quarters of all applications, according to the Mortgage Bankers Association.

In the report, released Wednesday, refinance applications dipped 0.1 percent from the week ended Sept. 21. The descension came even as refinance share stayed at it’s widest level since the seven days ended March 23: 39.4 percent. In the same seven days last year, just over half of applications were for refinances.

Applications for loans to finance home purchases inched up a seasonally adjusted 0.1 percent. But purchase-money business slowed 0.2 percent without seasonal adjustments, though it rose 3 percent from the week ended Sept. 29, 2017.

The share of applications for loans insured by the Federal Housing Administration was 10.2 percent, more slim than 10.4 percent a week prior and a little more plump than a 10th a year prior.

Another 10th of last week’s applications were for mortgages guaranteed by the Department of Veterans Affairs, off from 10.1 percent in the preceding report. No changed was noted versus last year for VA share.

At 7.1 percent, ARM share
was its widest since the week ended June 1. In the report from a year ago, ARM share was 6.0 percent.

As interest rates on jumbo applications rose to the highest level since July 2011, rates on jumbo mortgages were 3 basis points lower
than conforming rates — the thinnest spread since the week ended Feb. 16. There was no difference in the spread compared to one year previous.

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