Mortgage applications rose by 5.1% from one week earlier on a seasonally-adjusted basis for the week ending June 15th, 2018, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose 3%. The Refinance index increased by 6% over the same period. The seasonally-adjusted Purchase Index rose 4%, and the unadjusted index increased by 1%.
The refinance share of mortgage activity increased to 36.8% of total applications, up from 35.6% the previous week. The adjustable-rate mortgage (ARM) share increased to 7.0% of total applications. The FHA share fell to 10.1% from 10.6% the previous week, the VA share fell to 10.2% from 10.7%, and the USDA share fell to 0.7% from 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.83%. Points for 80% loan-to-value ratio (LTV) loans fell to 0.48 from 0.53 the previous week. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.79% from 4.74%. Points for 80% LTV loans fell to 0.36 from 0.37, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.82% from 4.83%. Points for 80% LTV loans rose to 0.84 from 0.78, and the effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.27% from 4.23%. Points for 80% LTV loans rose to 0.53 from 0.51, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs fell to 4.06% from 4.11%. Points for 80% LTV loans fell to 0.54 from .56, and the effective rate decreased from last week.
