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Lending

Mortgage applications reverse, decline again

Mortgage applications reversed directions, falling 3.3% for the week ending June 14, the Mortgage Bankers Association said Wednesday.

Both the refinance and purchase index fell 3%, after each rose 5% a week earlier, the trade group said.

Overall, the refinance share of mortgage activity remained unchanged at 69% of total applications.

Continuing to increase, the average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance escalated to 4.17% from 4.15%, the highest rate since March 2012.

The 30-year, FRM jumbo dropped to 4.23%, from 4.25% a week prior.

Additionally, the average 30-year, FRM backed by the FHA ticked up to 3.85%, from 3.81%, the highest rate since April 2012.

The 15-year, FRM dropped to 3.30%, from 3.32%, and the 5/1 ARM climbed to 2.81%, the highest rate since June 2012, rising from 2.78% a week ago.

bswanson@housingwire.com 

 

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