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Mortgage Applications Slip Despite Lower Home-Loan Rates

Mortgage Applications Slip Despite Lower Home-Loan Rates
(Dreamstime/FLYNT)

By    |   Wednesday, 09 May 2018 01:08 PM

Mortgage applications decreased 0.4 percent from one week earlier despite a dip in home-loan rates.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.4 percent on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 4, 2018.

On an unadjusted basis, the Index remained unchanged from the previous week. The Refinance Index decreased 1 percent from the previous week to its lowest level since October 2008.

The refinance share of mortgage activity decreased to 36.3 percent of total applications, its lowest level since September 2008, from 36.5 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.78 percent from 4.80 percent.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.20 percent from 4.21 percent.

"Mortgage rates dipped slightly last week driven mainly by concerns about global growth,"  Joel Kan, an MBA economist, told CNBC. "The refinance index continued to slip and was at its lowest since 2008, as was the refinance share of applications."

(Newsmax wire services contributed to this report).

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Mortgage applications decreased 0.4 percent from one week earlier despite a dip in home-loan rates.
mortgage, applications, home, loan, rates
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2018-08-09
Wednesday, 09 May 2018 01:08 PM
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