Mortgage applications decreased 4.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 26, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5% compared with the previous week. The Refinance Index decreased 5% from the previous week to its lowest level since December 2014.

The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 5% compared with the previous week and was 14% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 48.9% of total applications from 49.0% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 7.0% of total applications.

The FHA share of total applications increased to 14.0% from 13.9% the week prior. The VA share of total applications decreased to 10.8% from 10.9% the week prior. The USDA share of total applications increased to 1.0% from 0.9% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.26%, its highest level since October 2014, from 4.19%, with points decreasing to 0.33 from 0.38 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.21%, its highest level since October 2014, from 4.14%, with points increasing to 0.38 from 0.35 (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%, its highest level since September 2014, from 3.96%, with points increasing to 0.18 from 0.14 (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 3.44%, its highest level since October 2014, from 3.38%, with points decreasing to 0.31 from 0.37 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.09% from 3.04%, with points decreasing to 0.45 from 0.46 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

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