Mortgage

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.

Most Popular Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Guild Mortgage promotes 3 employees to top positions

Guild Mortgage, an independent mortgage lender, announced late last week that it has promoted three senior members of its leadership team as it continues to grow.

Nov 19, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please