Application volume remains flat for the second consecutive week

There was very little change in mortgage application activity for the second consecutive week, according to the Mortgage Bankers Association.

Application volume decreased 0.5% for the week ending Aug. 18, according to the MBA's Weekly Mortgage Applications Survey. There was a 0.1% increase during the previous week.

The refinance index increased 0.3% from the previous week, while the seasonally adjusted purchase index decreased 2%. On an unadjusted basis, the purchase index decreased 3% compared with the previous week and was 9% higher than the same week one year ago.

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The refinance application share increased to 48.7% from 47.8% for the previous week.

Adjustable-rate loan application activity decreased to 6.4% from 6.6%, while the share of applications for Federal Housing Administration-insured mortgages decreased to 10.1% from 10.2% the week prior.

The share of applications for Veterans Affairs-guaranteed loans decreased to 10.2% from 10.5% and the U.S. Department of Agriculture/Rural Development share remained unchanged at 0.8%.

There was very little movement in interest rates for most loan types tracked by the MBA.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged from the week prior at 4.12%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate decreased to 3.99% from 4.04%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased 1 basis point to 4.02%, while for 15-year fixed-rate mortgages the average decreased 1 basis point to 3.4%.

The average contract interest rate for 5/1 ARMs decreased to 3.27% from 3.34%.

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Mortgage applications Refinance Purchase Mortgage rates Underwriting FHA Mortgage Bankers Association The VA
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