Mortgage applications increased by 1.4% on a seasonally-adjusted basis over the week ending June 30, 2017, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. On an unadjusted basis, the Market Composite Index of loan application volume increased by 1% over the same period.
The Refinance index decreased by 0.4% from the previous week, and both the seasonally-adjusted and unadjusted Purchase Indices increased by 3% compared to the previous week.
The refinance share of mortgage activity fell to 44.9% of total applications, down from 45.6%. The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications. The FHA share decreased to 10.2% from 10.3%. The VA share remained unchanged at 10.3% from the week before. The USDA share of total applications increased to 0.8% from 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.20%, up from 4.13% the previous week. Points for 80% loan-to-value ratio (LTV) loans decreased to 0.31 from 0.32, and the effective rate increased from last 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) rose to 4.10%, up from 4.09%. Points for 80% LTV loans rose to 0.23 from 0.20, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.04% from 4.02%, with points for 80% LTV loans decreasing to 0.33 from 0.41. The effective rate remained unchanged.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.43% from 3.39%. Points for 80% LTV loans decreased to 0.32 from 0.33, and the effective rate increased from last week. For 5/1 ARMs, the average contract interest rate increased to 3.37% from 3.31%, and points for 80% LTV loans decreased to 0.22 from 0.25. The effective rate increased from last week.
