Mortgage applications jumped back up, following the drop during the Fourth of July holiday week.
According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 14, mortgage applications increased 6.3% from one week earlier.
However, while last week’s applications posted a 7.4% drop, the results included an adjustment for the Fourth of July holiday.
The Refinance Index led the increase in applications, climbing 13% from the previous week. The seasonally adjusted Purchase Index increased 1% from one week earlier.
Additionally, the refinance share of mortgage activity increased to 44.7% of total applications from 42.1% the previous week. The adjustable-rate mortgage share of activity remained frozen at 6.7% of total applications.
The Federal Housing Administration’s share of total applications increased to 10.7% from 10.4% the week prior, as the Veterans Affairs’ share of total applications decreased to 10.7% from 11.5% the week prior.
The Department of Agriculture’s share of total applications remained unchanged at 0.7% from the week prior.
Looking at the various mortgage products, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.22%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.18% from 4.19%, while the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.10% from 4.12%.
Similarly, the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.48% from 3.50%.
The average contract interest rate for 5/1 ARMs remained unchanged at 3.32%.