PhotoMortgage applications bounced back during the week ending May 5, rising during the week ending May 5.2.4% after declining a week earlier.

The Mortgage Bankers Association also reports the Refinance Index was up 3% from the previous week, taking the refinance share of mortgage activity up to 41.9% of total applications from 41.6% a week earlier.

The FHA share of total applications inched up 0.1% to 10.5%, the VA share held steady at 10.8% and the USDA share of total applications was unchanged at 0.8%.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($424,100 or less) was unchanged at 4.23%, with points decreasing to 0.31 from 0.32 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $424,100) rose four basis points -- to 4.22% from 4.18%, with points increasing to 0.28 from 0.23 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year FRMs backed by the FHA went from 4.06% to 4.09%, with points increasing to 0.28 from 0.24 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year fixed-rate mortgages inched down one basis point to 3.50%, with points increasing to 0.40 from 0.32 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs increased to 3.36% from 3.29%, with points increasing to 0.15 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The survey covers over 75% of all U.S. retail residential mortgage applications.

 

 


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