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Mortgage applications dripped down another 0.7 percent this week, according to data gathered in the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, following the previous week’s steep 9.4 percent plunge, brought on by the spike in mortgage rates after the election. The Refinance Index ticked down 1 percent, as well, while the Purchase Index declined 0.4 percent.

The refinance share of mortgage activity increased, however, to 56.2 percent of total applications from 55.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.0 percent of total applications—the highest level since February 2016.

The FHA share of total applications also increased, to 11.3 percent from 10.4 percent the previous week, while the VA share of total applications increased to 12.6 percent from 11.7 percent the previous week. The USDA share of total applications increased to 0.9 percent from 0.8 percent the previous week.

According to data from the survey, 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 October 2014, 4.27 percent, from 4.23 percent, with points decreasing to 0.37 from  0.41 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. 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 September 2014, 4.22 percent, from 4.18 percent, with points unchanged at 0.29 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at its highest level since July 2015, 4.00 percent, with points decreasing to 0.38 from 0.44 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for 15-year fixed-rate mortgages, in addition, increased to its highest level since September 2014, 3.53 percent, from 3.48 percent, with points increasing to 0.39 from 0.33 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs increased to its highest level since September 2013, 3.39 percent, from 3.23 percent, with points decreasing to 0.28 from 0.44 (including the origination fee) for 80 percent LTV loans.

Source: Mortgage Bankers Association (MBA)

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