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Mortgage

Mortgage application filings continue to drop

Mortgage applications filed for the week ending July 5 continued their downward trajectory, declining 4% from the previous week, the Mortgage Bankers Association reported.

Application activity started to slow last month when serious questions surfaced about how soon the Fed could curtail its aggressive mortgage bond purchases.

The refinance and purchase indices both slipped 4% and 3%, respectively, from the previous week, the MBA said.

Meanwhile, the average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance remained on the rise, moving up to 4.68% from 4.58% a week earlier — it’s highest level since July 2011.

The refinance share of mortgage activity remained unchanged at 64% of total applications.

The 30-year, FRM jumbo climbed to 4.86% from 4.68% a week earlier, the highest rate since July 2011.

In addition, the 30-year, FRM backed by the FHA posted the highest rate since September 2011, climbing to 4.37% from 4.27%.

The 15-year, FRM rose to 3.76% from 3.64%, the highest level since July 2011.

Additionally, the 5/1 ARM inched up to 3.40% from 3.33%.

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