According to the report, the Market Composite Index, by the Mortgage Bankers Association last week, mortgage 
applications increased 2.7% from the prior week ending February 23, 2018. What appears to be bullish is that this week’s results include an adjustment for the Presidents’ Day holiday.
Significant Stats
■ As of last week, 6.7% of home loan applications were for adjustable-rate mortgages [ARMs], up from 5% in early January.
■ The average rate on a traditional 30-year fixed mortgage is 4.64%, the highest it’s been since January 2014.
■ The average contract interest rate for 5/1 ARMs increased to its highest level since February 2011, 3.85%, from 3.72%.
■ The refinance share of mortgage activity decreased to 41.8% of total applications from 44.4%.
■ The FHA share of total applications increased to 10.3% from 9.9% the week prior.
■ The VA share of total applications increased to 10.7% from 10.0% the week prior.
■ The USDA share of total applications remained unchanged at 0.8% from the week prior.
■ The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged from last week at 4.64%, with points increasing to 0.63 from 0.61 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.