Mortgage applications climbed in numbers, increasing 4.1% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 1, 2018.
But this week’s results included an adjustment for the Memorial Day holiday. On an unadjusted basis, the index decreased 7% from last week.
The Refinance Index increased 4% from the previous week, while the seasonally adjusted Purchase Index dropped 4% from last week.
The refinance share of mortgage activity increased from last week’s 35.3% to 35.6% of total applications.
The adjustable-rate mortgage share of activity increased to 7.1% of total applications.
The Federal Housing Administration share of applications decreased from 9.9% the prior week to 9.7%, but the Veterans Affairs' share of applications increased from last week’s 9.9% to 10.1%.
The Department of Agriculture share of total applications remained unchanged from last week at 0.8% this week.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased from last week’s 4.84% to 4.75%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.73% last week to 4.7%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.85% to 4.77% this week.
The average contract interest rate for 15-year fixed -rate mortgages decreased from last week’s 4.24% to 4.21% this week.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 4.08%, down from 4.11% last week.
