(This week's results do not include an adjustment for the Good Friday holiday.) On an unadjusted basis, the Index fell by 2% compared with the previous week. During the week, mortgage loan rates decreased to their lowest levels since last November on all loan types.
The Market Composite Index dropped by 1.8 percent on a seasonally adjusted basis and by two percent on an unadjusted basis.
Adjustable rate mortgage loans accounted for 8.4% of all applications, down just 0.1 percentage point compared with the prior week. The unadjusted purchase index also decreased by 3% for the week and is now 1% lower year over year. Unless the situation improves, home sales in 2017 will decline from the 10-year high posted in 2016. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract interest rate decreased to 4.15% from 4.24%, with points for 80% LTV loans decreasing to 0.23 from 0.28.
Theresa May: We won't be doing television debates
The Prime Minister said Labour's economic policies would mean it is "ordinary working people who pay the price". But Mr Corbyn shot back: "If she's so proud of her record, why won't she debate it?"
Mortgage rates today for 30- and 15-year fixed loans fell slightly, while rates for 5/1 ARMs were unchanged, according to a NerdWallet survey of current mortgage rates published by national lenders Wednesday morning. 7 year Adjustable Rate Mortgages have been quoted at 3.400% now showing an April of 3.7963%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.09% from 4.14%. The shorter term, popular 15 year FRM interest rates are published at 3.125% today and an April of 3.401%.
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