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Mortgage

MBA: Mortgage applications fall despite record low interest rates

Moves back to its previous downward trend

Mortgage applications went back to its previous downward trend and declined 2.4% from one week earlier despite record low interest rates, according to the most recent data from the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending June 10, 2016.

Although last week’s report posted the first rise in awhile for applications, it did include an adjustment for the Memorial Day holiday.

Broken up, the Refinance Index decreased 1% from the previous week, as the Purchase Index decreased 5% from one week earlier.

As a whole, the refinance share of mortgage activity increased out of the low 50s, rising to 55.3% of total applications from 53.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.3% of total applications.

The Federal Housing Administration share of total applications fell to 11.8% from 13% the week prior, as the Veteran Affairs share of total applications slightly dipped to 11.1% from 11.5% the week prior. After staying the same spot for awhile, the United States Department of Agriculture share of total applications decreased to 0.6% from 0.7% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) declined to 3.79% from 3.83%, marking its lowest level since January 2015.

Falling to the lowest level since May 2016, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.75% from 3.81%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to its lowest level since May 2013, 3.61%, from 3.71%.

Similarly, the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.06% from 3.11%, which is its lowest level since May 2016.

The average contract interest rate for 5/1 ARMs decreased to its lowest level since May 2015, 2.87%, from 2.96%.

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