Mortgage apps down 1.5% last week, rates increase

by Steve Randall14 Jun 2018

Mortgage applications were lower last week with seasonally adjusted data from the Mortgage Bankers Association showing a 1.5% decline in its Market Composite Index.

Unadjusted, the index was up 9% from the previous week with the unadjusted purchase applications index up by the same percentage; the adjusted purchase index was down 2%. The refinance index decreased 2%.

The refinance share of all applications was unchanged from the previous week at 35.6%.

ARMs accounted for 6.8% of total applications.

Week-over-week the FHA share of total applications increased to 10.6% from 9.7%; the VA share of total applications increased to 10.7% from 10.1% the week prior. The USDA share of total applications remained unchanged at 0.8% from the week prior.

Average contract rates continue higher

 

Rate this week

Rate last week

Points this week

(for 80% LTV loans)

Points last week

(for 80% LTV loans)

30yr FRM

Conforming

4.83

4.75

0.53

0.46

30yr FRM Jumbo

4.74

4.70

0.37

0.35

30yr FHA

4.83

 

4.77

0.78

0.70

15yr FRM

4.23

 

4.21

0.51

0.50

5/1 ARM

 

4.11

4.08

0.56

0.41

 

 

 


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