PhotoIt wasn't by much, but mortgage applications were up in the week ending June 16 for a third consecutive week.

The Mortgage Bankers Association reports applications edged up 0.6% last week on a seasonally adjusted basis. The Refinance Index. Meanwhile rose 2% to its highest level since November 2016, with the refinance share of mortgage activity rising to 46.6% of total applications from 45.4% a week earlier.

The adjustable-rate mortgage (ARM) share of activity increased to 7.5% of total applications, the FHA share dipped to 10.1% from 11.2% the week before, the VA share was down to 10.4% from 11.1%, and the USDA share of total applications slipped to 0.7% from 0.8% the week prior.

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 0.34 from 0.35 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $424,100) inched up two basis points -- to 4.08% from 4.06%, with points increasing to 0.30 from 0.24 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year FRMs backed by the FHA rose four basis points to 4.04%, with points increasing to 0.35 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year fixed-rate mortgages moved from 3.37% to 3.40%, with points increasing to 0.38 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs held steady at 3.26%, with points increasing to 0.22 from 0.20 (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.

 

 


Share your Comments