Mortgage applications decreased 0.2% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 20, 2018.
On an unadjusted basis, the index remained unchanged at 22% from the previous week.
The Refinance Index increased 1% from the previous week. The unadjusted Purchase Index decreased 1% from last week but is still 2% higher than the same week in 2017, and the seasonally adjusted Purchase Index decreased 1% from one week prior.
The refinance share of mortgage activity increased from last week’s 36.5 to 36.8% of total applications, and the adjustable-rate mortgage share of activity increased to 6.3% of total applications.
The Federal Housing Administration share decreased from last week’s 10.6% to 9.9%, and the Veterans Affairs' share of applications remained unchanged from 10.2% the prior week.
The Department of Agriculture share of total applications increased to 0.8% from 0.7% the prior week.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged from 4.77% last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.66% last week to 4.72% this week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 4.78% from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased from 4.22% to 4.23% this week.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 4.09%, down from 4.12% last week.