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Why There is an Increase of Home Loan Applications
Mortgage applications leaped 10% from a week ago on favorable conditions. The market composite index jumped 10% on both a seasonally adjusted and unadjusted basis compared to the week prior. The refinance index also lifted 11%, to its highest level since February. The seasonally adjusted purchase index similarly jumped 8% week-over-week, its second highest point since May 2010. The increase in home loan applications was helped by a persistently strong job market and low rates. The share of total mortgage activity from refinancing climbed to 54.9% of applications from 54.5% a week earlier. Adjustable-rate mortgages made up a 5% share of total applications for the week ending April 8. The shares for FHA and VA mortgages fell to 10.8% and 11.9% from 11.3% and 12.2%, respectively. The USDA share held steady at 0.8%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased four basis points to 3.82%, representing the lowest rate since January 2015. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances dropped two basis points to 3.74%. Another decrease occurred for 30-year fixed-rate mortgages backed by the FHA, which had the average contract rate down seven basis points to 3.66%. The average contract interest rates for 15-year fixed-rate mortgages and 5/1 ARMs remained essentially unchanged at 3.1% and 2.94%, respectively.
Contact our home loan agents in San Ramon to begin home loan applications.