Mortgage applications decreased by 4.9% on a seasonally-adjusted basis from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 22nd, 2018.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell by 6% from the previous week. The Refinance Index fell by 4% over the same period. The seasonally-adjusted Purchase Index fell 6%, and the unadjusted Purchase Index fell 7%.
The refinance share of mortgage activity rose to 37.6% of total applications, up from 36.8% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 6.5% of total applications. The FHA share rose to 10.2% from 10.1%, the VA share rose to 10.7% from 10.2%, and the USDA share rose to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.84% from 4.83% the previous week. Points for 80% loan-to-value ratio (LTV) loans fell to 0.42 from 0.48 over the same period. (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) fell to 4.70% from 4.79%. Points for 80% LTV loans fell to 0.26 from 0.36, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.81% from 4.82%. Points for 80% LTV loans fell to 0.69 from 0.84, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.29% from 4.27%. Points for 80% LTV loans fell to 0.40 from 0.53, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs fell to 4.01% from 4.06%. Points for 80% LTV loans fell to 0.41 from 0.54, and the effective rate decreased from last week.
