Mortgage applications decreased 4.9% from last week's increase, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 22, 2018.
On an unadjusted basis, the index decreased 6% from the previous week.
The Refinance Index decreased 4% from the previous week. The unadjusted Purchase Index also decreased 7% from last week, and the seasonally adjusted Purchase Index, decreased 6% from one week prior.
The refinance share of mortgage activity increased from last week’s 36.8% to 37.6% of total applications.
The adjustable-rate mortgage share of activity decreased 6.5% of total applications.
The Federal Housing Administration share increased from 10.1% the prior week to 10.2%, and the Veterans Affairs' share of applications increased from 10.2% last week to 10.7%.
The Department of Agriculture share of total applications increased to 0.8% this week from 0.7% the prior 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 4.83% to 4.84% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.79% last week to 4.70%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.82% to 4.81% this week.
The average contract interest rate for 15-year fixed-rate mortgages increased slightly from last week’s 4.27% to 4.29% this week.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 4.01%, down from 4.06% last week.
