Mortgage applications increased 0.6% last week from a week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2017.
The Market Composite Index was up 0.6% on a seasonally adjusted basis; on an unadjusted basis, the Index decreased 0.4% compared with the previous week. The Refinance Index increased 2% from the previous week to its highest level since November 2016. The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 9% higher than the same week one year ago.
The refinance share of mortgage activity increased to 46.6% of total applications from 45.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.5% of total applications.
The FHA share of total applications decreased to 10.1% from 11.2% the week prior. The VA share of total applications decreased to 10.4% from 11.1% the week prior. The USDA share of total applications decreased to 0.7% from 0.8% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.13%, with points decreasing to 0.34 from 0.35 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.08% from 4.06%, with points increasing to 0.30 from 0.24 (including the origination fee) for 80% LTV loans. 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 4.00%, with points increasing to 0.35 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40% from 3.37%, with points increasing to 0.38 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs remained unchanged at 3.26%, with points increasing to 0.22 from 0.20 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
