Mortgage applications fell 2.6% over the week ending July 27, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, fell by 2.6% on a seasonally-adjusted basis and 3% on an unadjusted basis. The Refinance Index fell by 2% from the previous week, and both the seasonally-adjusted and the unadjusted Purchase Index fell 3% from one week earlier.
The refinance share of mortgage activity rose to 37.1% of total applications, up from 36.8% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 6.4% of total applications. The FHA share rose to 10.4% from 9.9%, the VA share rose to 10.5% from 10.2%, and the USDA share remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) rose to 4.84% from 4.77%. Points for 80% loan-to-value ratio (LTV) loans remained unchanged at 0.45. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) rose to 4.76% from 4.72%. Points for 80% LTV loans rose to 0.37 from 0.31, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.78%. Points for 80% LTV loans rose to 0.74 from 0.73, and the effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 4.29% from 4.23% the previous week. Points for 80% LTV loans rose to 0.53 from 0.44. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.17%, its highest level in the history of the survey, from 4.09% the previous week. Points for 80% LTV loans rose to 0.32 from 0.29, and the effective rate increased from last week.
