Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 30.
The Market Composite Index, a measure of mortgage loan application volume, increased 1.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 1% compared with the previous week.
The Refinance Index decreased 0.4% from the previous week. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 3% compared with the previous week and increased 6% from the same week one year ago.
The refinance share of mortgage activity decreased to 44.9% of total applications from 45.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.
The Federal Housing Administration (FHA) share of total applications decreased to 10.2% from 10.3% the week prior. The Veterans Affairs share of total applications remained unchanged at 10.3%, and the U.S. Department of Agriculture share of total applications increased to 0.8% from 0.7% the week prior.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to its highest level since May, rising to 4.2% from 4.13%, with points decreasing to 0.31 from 0.32 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The effective rate increased from last week.
The average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to its highest level since May, rising to 4.1% from 4.09%, with points increasing to 0.23 from 0.20 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year, fixed-rate mortgages backed by the FHA increased to 4.04% from 4.02%, with points decreasing to 0.33 from 0.41 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 15-year, fixed-rate mortgages increased to its highest level since May, rising to 3.43% from 3.39%, with points decreasing to 0.32 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
