Continuing recent fluctuations, mortgage applications reversed course and decreased 6.2% from one week earlier, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending June 23.
Mortgage applications last week recorded a slight 0.6% increase.
The Refinance Index decreased 9% from the previous week, while the seasonally adjusted Purchase Index decreased 4% from one week earlier.
The refinance share of mortgage activity remained well below 50%, decreasing to 45.6% of total applications from 46.6% the previous week. The adjustable-rate mortgage share of activity decreased to 7.0% of total applications.
Looking at mortgage shares from different departments, the Federal Housing Administration’s share of total applications increased to 10.3% from 10.1% the week prior. The Veterans Affairs’ share of total applications decreased to 10.3% from 10.4% the week prior.
In addition, the Department of Agriculture’s share of total applications remained unchanged at 0.7% from the week prior.
As far as various product types, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained the same at 4.13%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.09% from 4.08%.
Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.02% from 4.04%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39% from 3.40%, as the average contract interest rate for 5/1 ARMs increased to 3.31% from 3.26%.
As an added note, mortgage results for the week ending June 30 will be released on July 6 due to the Fourth of July holiday.
