[cnxvideo id=”655353″ placement=”ros”]The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.1% in the group’s seasonally adjusted composite index for the week ending April 28. During the week, rates increased a few ticks on all five types of mortgage loans the MBA tracks.
On an unadjusted basis, the composite index increased by 1% week over week. The seasonally adjusted purchase index increased by 4% compared with the week ended April 21. The unadjusted purchase index increased by 5% for the week and is now 5% higher year over year.
The MBA’s refinance index decreased by 5% week over week, and the percentage of all new applications that were seeking refinancing declined from 44% to 41.6%.
Adjustable rate mortgage loans accounted for 8.4% of all applications, down 0.3 percentage points compared to the prior week.
[nativounit]
Little has changed in the mortgage market over the past week. Mortgage News Daily reports that Tuesday’s most common rate range on 30-year conventional loans was between 4.000% and 4.125%, exactly where it was a week ago.
The Federal Open Market Committee (FOMC) is not expected to raise interest rates at its meeting that concludes today. The important thing from a mortgage loan point of view is whether the FOMC sticks to its plan for multiple hikes this year.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.20% to 4.23%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.15% to 4.18%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.46% to 3.51%.
The contract interest rate for a 5/1 adjustable-rate mortgage loan increased from 3.22% to 3.29%. Rates on a 30-year FHA-backed fixed-rate loan rose from 4.03% to 4.06%.
[wallst_email_signup]
Top Gaining Stocks
Top Losing Stocks