MBA: Mortgage applications fall further in June

Dipped 0.5% from the previous week, but ARMs rose nearly 7%

Mortgage applications decreased 0.5% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 29, 2018.

On an unadjusted basis, the index decreased 1% from the previous week.

The Refinance Index decreased 2% from the previous week. The unadjusted Purchase Index remained unchanged from last week, and the seasonally adjusted Purchase Index increased from 1% from one week prior.

The refinance share of mortgage activity decreased from last week’s 37.6% to 37.2% of total applications.

The adjustable-rate mortgage share of activity increased 6.7% of total applications.

The Federal Housing Administration share remained unchanged at 10.2%, as well as the Veterans Affairs' share of applications at 10.7%.

The Department of Agriculture share of total applications remain unchanged from 0.8% the prior week.

The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased from last week’s 4.84% to 4.79% this week. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.70% last week to 4.71%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.81% to 4.78% this week.

The average contract interest rate for 15-year fixed-rate mortgages decreased from 4.29% to 4.22% this week.

Lastly, the average contract interest rate for 5/1 ARMs increased to 4.03%, up from 4.01% last week.

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