On an unadjusted basis, the composite index decreased by 7% week over week. The seasonally adjusted purchase index fell by 6%, compared with the week ended September 18. The unadjusted purchase index decreased by 6% for the week and is now 20% higher year over year.
The MBA’s refinance index decreased by 8% week over week, and the percentage of all new applications that were seeking refinancing fell from 58.4% to 58%.
Adjustable rate mortgage loans accounted for 6.9% of all applications, unchanged from the prior week.
Mortgage News Daily reported on Tuesday that most mortgage lenders continue to offer 30-year fixed-rate mortgages in a range of 3.875% to 4.00%, with some more aggressive lenders offering rates as low as 3.75%. At 3.875%, the most common offer from lenders, mortgage rates are “as strong as [they’ve] been since early May 2015.”
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage ticked down from 4.09% to 4.08%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.99% to 3.96%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.31% to 3.29%.
The contract interest rate for a 5/1 adjustable rate mortgage loan remained unchanged at 2.95%. Rates on a 30-year FHA-backed fixed-rate loan slipped from 3.88% to 3.87%.
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