Mortgage applications increased nearly 2% from one week earlier, according to the Mortgage Bankers Association (MBA).
The Market Composite Index, a measure of mortgage loan application volume, increased 1.9% on a seasonally adjusted basis from one week prior, according to the MBA’s Weekly Mortgage Applications Survey for the week ending July 4. Unadjusted, the index decreased 19%. The Refinance Index also increased 0.4%.
In addition, the seasonally adjusted Purchase Index increased 4% from the previous week, while the unadjusted index decreased 17% and was 10% lower than the same week a year ago.
While application volume slightly picked up, average contract interest rates for 30-year fixed-rate mortgages steadily climbed with it.
The rates for 30-year fixed-rate mortgages with conforming loan balances (417,000 or less) increased to 4.32% from 4.28%; the rate for those mortgages with jumbo loan balances (more than $417,000) increased to 0.16 from 0.14; and the rate for FHA-backed 30-year fixed-rate mortgages increased to 4.02% from 3.99%.
However, the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.4% from 3.42%.
The report does not distinguish between forward and reverse mortgages.
Written by Emily Study
