PhotoMortgage applications last week have rebounded from the previous week's decline.

Data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey show applications were up 2.9% for the week ending June 17.

The Refinance Index shot up 7%, pushing the refinance share of mortgage activity to 57.7% of total applications from 55.3% a week earlier.

The adjustable-rate mortgage (ARM) share of activity increased to 5.7% of total applications, the FHA share dipped to 11.7% from 11.8% the week prior, the VA share was unchanged at 11.1%, and the USDA share of total applications held steady at 0.6%.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) fell three basis points -- from 3.79% to 3.76% -- its lowest level since May 2013, with points increasing to 0.33 from 0.32 (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 $417,000) dropped to its lowest level since January 2011 -- 3.70%, from 3.75% -- with points increasing to 0.28 from 0.26 (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 was unchanged at 3.61%, with points decreasing to 0.24 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 15-year FRMs slipped two basis points to 3.04%, with points increasing to 0.36 from 0.34 (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 2.92% from 2.87%, with points decreasing to 0.21 from 0.26 (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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