PhotoMortgage applications continued their slide last week.

Figures released by the Mortgage Bankers Association show applications fell 3.4% in the week ending April 29. The Refinance Index plunged 6%, pushing the refinance share of mortgage activity down to 52.9% of total applications from 54.4% a week earlier.

The adjustable-rate mortgage (ARM) share of activity rose to 5.3% of total applications, the FHA share of went from 12% the week before to 13.5%, the VA share was 11.5%, and the USDA share of total applications slipped to 0.7% from 0.8% the week prior.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) inched up two basis points -- from 3.85% to 3.87%, with points increasing to 0.36 from 0.35 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) went to 3.79% from 3.78%, with points rising to 0.31 from 0.30 (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 rose three basis points to 3.69%, with points increasing to 0.33 from 0.26 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year FRMs increased to 3.13% from 3.09%, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs fell 11 basis points to 2.91%, with points increasing to 0.30 from 0.14 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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


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