PhotoAfter rising for three consecutive weeks, applications for mortgages have taken a turn downward.

The Mortgage Bankers Association (MBA) reports a 4.1% decline in applications for the week ending April 22.

The Refinance Index fell 5% from the previous week, taking the refinance share of mortgage activity down 1.0% to 54.4% of total applications.

The adjustable-rate mortgage (ARM) share of activity rose to 5.2% of total applications, The FHA share surged to 12.3% from 10.6%, the VA share of total applications dipped from 12.6% to 12.2%, 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 ($417,000 or less) inched up two basis points -- from 3.83% to 3.85%, with points increasing to 0.35 from 0.32 (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) rose to 3.78% from 3.77%, with points increasing to 0.30 from 0.25 (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 was up two basis points to 3.66%, with points decreasing to 0.26 from 0.32 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year FRMs went from 3.06% to 3.09%, with points increasing to 0.37 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 jumped nine basis points to 3.02%, with points decreasing to 0.14 from 0.26 (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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