PhotoMortgage applications moved lower last week after rising for three weeks in a row.

The Mortgage Bankers Association reports applications dropped 6.2% in the week ending June 23.

The Refinance Index plunged 9% sending the refinance share of mortgage activity down to 45.6% of total applications from 46.6% the week before.

The adjustable-rate mortgage (ARM) share of activity fell to 7.0% of total applications the FHA share inched up to 10.3% from 10.1% a week earlier, the VA share dropped to 10.3% from 10.4% and the USDA share of total applications was unchanged at 0.7%.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($424,100 or less) was unchanged at 4.13%, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 % loan-to-value ratio (LTV) loans. The effective rate was unchanged from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $424,100) inched up one basis point -- to 4.09% from 4.08%, with points decreasing to 0.20 from 0.30 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs backed by the FHA dipped to 4.02% from 4.04%, with points increasing to 0.41 from 0.35 (including the origination fee) for 80% LTV loans. The effective rate held steady.
  • The average contract interest rate for 15-year FRMs was down one basis point to 3.39%, with points decreasing to 0.33 from 0.38 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 5/1 ARMs rose to 3.31% from 3.26%, with points increasing to 0.25 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The survey covers over 75% of all U.S. retail residential mortgage applications.

 

 


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