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Mortgage applications increased 0.6 percent from one week before the week ending Oct. 14, 2016, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey, with the Mortgage Composite Index rising on a seasonally adjusted basis.

The Refinance Index, according to the survey, decreased 1 percent, and the seasonally adjusted Purchase Index increased 3 percent. The unadjusted Purchase Index decreased 7 percent compared with the previous week and was 13 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 61.5 percent of total applications from 62.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 4.1 percent of total applications.

The FHA share of total applications increased to 11.3 percent from 10.9 percent the week prior. The VA share of total applications increased to 12.8 percent from 12.0 percent the week prior. The USDA share of total applications remained unchanged at 0.7 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, 3.73 percent from 3.68 percent, with points increasing to 0.36 from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to its highest level since June 2016, 3.72 percent, from 3.67 percent, with points increasing to 0.29 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.54 percent, with points increasing to 0.30 from 0.23 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since June 2016, 3.03 percent, from 2.97 percent, with points decreasing to 0.27 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to its highest level since May 2016, 2.97 percent, with points increasing to 0.41 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

For more information, visit www.mba.org/WeeklyApps.

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