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MortgageReal Estate

MBA: Purchase applications fall for 2nd consecutive week

Market Composite Index falls 1.9%

Mortgage applications retreated 1.9% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 19, 2019.

This means on an unadjusted basis, the index slid 2% from the previous week.

MBA Vice President of Economic and Industry Forecasting Joel Kan said purchase applications decreased for the second straight week and have been somewhat volatile lately, but remain 6% higher than a year ago.

“Mortgage applications were down last week, even as rates moved lower across the board, with the 30-year fixed rate at 4.08%. Refinance activity was lower, but we did see government refinance applications increase, driven solely by a 12% rise in FHA applications,” Kan said. “Mortgage rates right now are comparable to the average rate of 4.10 % for June, but refinances last week were 7% lower than last month. This is an indication that as we see rates lower for longer, borrowers need more of a drop in rates to consider refinancing.”

The Refinance Index fell 2% from the previous week and was a whopping 81% higher than the same time period in 2018. The unadjusted Purchase Index slid 1% from a week ago and remained 6% higher than the same week a year ago. The seasonally adjusted Purchase Index fell 2% from the week before.

Here’s a more detailed breakdown of this week’s mortgage application data:

  • The refinance share of mortgage activity slid to 49.8% from last week’s 50%.
  • The adjustable-rate mortgage share of activity fell to 4.7% of total applications.
  • The Federal Housing Administration‘s share of mortgage apps increased to 11.3% from last week’s 10.6%.
  • The Department of Veterans Affairs‘ share of applications moved forward to 13.1% from last week’s 12.9%.
  • The Department of Agriculture‘s share of total applications held steady from last week’s 0.6%.
  • Mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased from last week’s rate of 4.12% to 4.08%.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) moderately fell to 4.04% from last week’s 4.07%.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA declined from last week’s 4.01 to 3.98%.
  • The average contract interest rate for 15-year fixed-rate mortgages fell from last week’s 3.48 to 3.45%.

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