PhotoIt's now three increases in a row for mortgage applications.

Word from the Mortgage Bankers Association (MBA) is that applications for mortgages were up 1.3% in the week ending April 15 -- the third advance in as many weeks.

The Refinance Index jumped 3%, increasing the refinance share of mortgage activity to 55.4% of total applications from 54.9% the previous week.

The adjustable-rate mortgage (ARM) share of activity was unchanged at 5.0% of total applications, the FHA share slipped 0.2% to from 10.6%, the VA share rose to 12.6% from 11.9% the prior week, and the USDA share of total applications held steady 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 one basis points -- from 3.82% to 3.83% --¬†with points decreasing to 0.32 from 0.33 (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 3.77% from 3.74%, with points decreasing to 0.25 from 0.31 (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 slipped two basis points to 3.64% -- the lowest rate since May 2013 -- with points increasing to 0.32 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 15-year FRMs fell to 3.06% from 3.10%, the lowest rate in nearly two years, with points decreasing to 0.32 from 0.37 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 5/1 ARMs was down three basis points to 2.91%, with points increasing to 0.26 from 0.20 (including the origination fee) for 80% LTV loans. The effective rate was unchanged from last week.

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


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