In the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 23, 2017, mortgage applications decreased by 6.2% from one week earlier on a seasonally-adjusted basis. On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, decreased 7% over one week earlier.
The Refinance index decreased by 9% over the same period. The seasonally-adjusted Purhcase index fell by 4%, and the unadjusted Purchase index fell by 5%.
The refinance share of mortgage activity fell to 45.6% of total applications, down from 46.6% the previous week. The adjustable-rate mortgage (ARM) share decreased to 7.0% of total applications. The FHA share increased to 10.3% from 10.1%, the VA share decreased to 10.3% from 10.4%, and the USDA share remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained at 4.13%. Points for 80% loan to value ratio (LTV) loans of this type decreased to 0.32 from 0.34, and the effective rate remained unchanged from the previous week. (All 80% LTV loan reports include the origination fee.)
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.09% from 4.08%. Points decreased to 0.20 from 0.30 for 80% LTV loans, and the effective rate decreased from last week. For 30-year fixed-rate mortgages backed by the FHA, the average contract interest rate fell to 4.02% from 4.04%. Points for 80% LTV loans rose to 0.41 from 0.35, and the effective rate remained the same.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39% from 3.40%. Points for 80% LTV loans decreased to 0.33 from 0.38, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.31% from 3.26%. Points for 80% LTV loans increased to 0.25 from 0.22, and the effective rate increased from last week.
