The volume of mortgage applications received by the nation's lenders was virtually unchanged during the week ended October 18 the Mortgage Bankers Association (MBA) said today.  MBA's Market Composite Index, a measure of that volume, decreased 0.6 percent on a seasonally adjusted basis from the week ended October 11 and 1 percent on an unadjusted basis.  MBA made no adjustment to the data to account for the Columbus Day holiday.

The Refinancing Index decreased 1 percent from the previous week and the refinancing share of applications decreased to 65 percent from 66 percent. 

Refinance Index vs 30 Yr Fixed

Both the seasonally adjusted and the unadjusted Purchase Indices were up 1 percent from a week earlier and the unadjusted index was 2 percent lower than during the same week in 2012.

Purchase Index vs 30 Yr Fixed

Contract interest rates fell during the week for all mortgage products tracked by the MBA and the effective rates also decreased.  Quotes are for mortgages with an 80 percent loan to value ratio and points include the origination fee.  

The average contract interest rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) decreased to 4.39 percent, the lowest rate since June 2013, from 4.46 percent, with points increasing to 0.41 from 0.31.  The average rate for the jumbo 30-year FRM (balances greater than $417,000) decreased to 4.43 percent, the lowest rate since June 2013, from 4.51 percent, with points increasing to 0.26 from 0.15

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.15 from 4.16 percent.  Points dropped from 0.44 to 0.27 point.

Fifteen-year FRM had an average rate of 3.51 percent, also the lowest rate since June, compared to 3.53 percent the previous week.  Points decreased to 0.30 from 0.31

The market share of adjustable rate mortgages (ARMs) increased from 6 to 7 percent of total applications.  The average contract interest rate for 5/1 ARMs was unchanged at 3.25 percent, with points decreasing to 0.26 from 0.32

MBA's data is compiled through a Weekly Mortgage Applications Survey that covers over 75 percent of all U.S. retail residential mortgage applications.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.