Mortgage applications fell by 0.5% from one week earlier on a seasonally-adjusted basis for the week ending June 29th, 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, fell by 1% from the previous week. The Refinance Index fell by 2% over the same period. The seasonally-adjusted Purchase Index rose by 1%, while the unadjusted Purchase Index remained unchanged.
The refinance share of mortgage activity fell to 37.2% of total applications, down from 37.6% one week earlier. The adjustable-rate mortgage (ARM) share of activity rose to 6.7% of total applications. The FHA share of applications remained unchanged at 10.2%, the VA share remained unchanged at 10.7%, 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) fell to 4.79% from 4.84% the previous week. Points for 80% loan-to-value ratio (LTV) loans fell to 0.41 from 0.42. (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 4.71% from 4.70%. Points for 80% LTV loans rose to 0.43 from 0.26, 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 4.78% from 4.81%. Points for 80% LTV loans rose to 0.73 from 0.69, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 4.22% from 4.29%. Points for 80% LTV loans rose to 0.47 from 0.40, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs rose to 4.03% from 4.01%. Points for 80% LTV loans fell to 0.25 from 0.41, and the effective rate decreased from last week.
