Mortgage applications maintained their recent up and down trend, recording a slight 3.4% drop from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 26.
The decline in applications comes after last week’s 4.4% increase and a 4.1% drop in applications the week before that.
Broken up, the Refinance Index decreased 6% from the previous week, while the seasonally adjusted Purchase Index decreased 1% from one week earlier.
The refinance share of mortgage activity stayed in the low 40s, decreasing to 43.2% of total applications. The adjustable-rate mortgage share of activity decreased to 7.7% of total applications.
Looking at different product types, the Federal Housing Administration’s share of total applications decreased to 10.5% from 10.8% the week prior, as the Veterans Affairs’ share of total applications increased to 10.8% from 10.5% the week prior. The Department of Agriculture’s share of total applications remained unchanged at 0.8% from 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 4.17%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) remained unchanged at 4.11%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.03%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.42% from 3.45%, while the average contract interest rate for 5/1 ARMs decreased to 3.22% from 3.27%.