Mortgage applications reversed course, falling 1.5% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 8, 2018.
The MBA pointed out last week included an adjustment for Memorial Day. On an unadjusted basis, the index increased 9% from last week.
The Refinance Index decreased 2% from the previous week, and the seasonally adjusted Purchase Index also dropped 2% from last week.
The refinance share of mortgage activity remained unchanged from last week’s 35.6% of total applications.
The adjustable-rate mortgage share of activity decreased to 6.8% of total applications.
The Federal Housing Administration share of applications increased from 9.7% the prior week to 10.6%, and the Veterans Affairs' share of applications increased from last week’s 10.1% to 10.7%.
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) increased from last week’s 4.75% to 4.83%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.7% last week to 4.74%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased from last week’s 4.77% to 4.83% this week.
The average contract interest rate for 15-year fixed-rate mortgages increased from last week’s 4.21% to 4.23% this week.
Lastly, the average contract interest rate for 5/1 ARMs increased to 4.11%, up from 4.08% last week.
