Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 11, 2018.
The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 4 percent higher than the same week one year ago.
BUT, mortgage purchase applications generally peak during the first week of May. So, mortgage purchases applications are generally downhill from here until the last week of the year.
The Refinance Index decreased 4 percent from the previous week to its lowest level since August 2008.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.77 percent from 4.78 percent, with points remaining unchanged at 0.50 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. 30-year fixed-rate mortgages are up around 75 basis points just since September 2017.