Mortgage applications recorded another quiet week and decreased 2.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 28, 2017.
The Weekly Mortgage Applications Survey covers over 75% of all U.S. retail residential mortgage applications
Broken up, both refinance applications and purchase applications posted a drop in demand.
The Refinance Index decreased 4% from the previous week, while the seasonally adjusted Purchase Index decreased 2% from one week earlier to its lowest level since March 2017.
The refinance share of mortgage activity slightly declined to 45.5% of total applications, down from 46% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.6% of total applications.
The Federal Housing Administration’s share of total applications reported a meager increase to 10.3% from 10.2% the week prior.
Meanwhile, the Veterans Affairs’ share of total applications decreased to 10.1% from 10.5% the week prior, as the Department of Agriculture’s share of total applications remained unchanged at 0.8% from the week prior.
Looking at 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 4.17%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.11% from 4.06%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.07% from 4.05%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.45%, while the average contract interest rate for 5/1 ARMs increased to 3.30% from 3.29%.