Mortgage applications posted a quiet week, increasing a meager 0.4% from one week earlier, according the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 21, 2017.
This is compared last week, which posted a 6.3% increase in applications.
The Refinance Index increased 3% from the previous week, while the seasonally adjusted Purchase Index decreased 2% from one week earlier to the lowest level since May 2017.
After remaining below 45% for a while, the refinance share of mortgage activity increased to 46% of total applications, up from 44.7% the previous week. The adjustable-rate mortgage share of activity increased to 6.8% of total applications.
The Federal Housing Administration’s share of total applications dropped to 10.2% from 10.7% the week prior, as the Veterans Affairs’ share of total applications dipped to 10.5% from 10.7% the week prior.
Additionally, the Department of Agriculture’s share of total applications increased to 0.8% from 0.7% the week prior.
As for different mortgage products, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.17% from 4.22%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) fell to 4.06% from 4.18%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA declined to 4.05% from 4.10%, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.45% from 3.48%.
The average contract interest rate for 5/1 ARMs decreased to 3.29% from 3.32%.