Mortgage applications decreased 2.5% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 13, 2018.
On an unadjusted basis, the index increased 22% from the previous week.
The Refinance Index increased 2% from the previous week. The unadjusted Purchase Index increased 19% from last week and is 1% higher than the same week in 2017, and the seasonally adjusted Purchase Index decreased 5% from one week prior.
The refinance share of mortgage activity increased from last week’s 34.8% to 36.5% of total applications, and the adjustable-rate mortgage share of activity decreased to 6.1% of total applications.
The Federal Housing Administration share increased from last week’s 10% to 10.6%, and the Veterans Affairs' share of applications decreased to 10.2% from 11.3% the prior week.
The Department of Agriculture share of total applications decreased to 0.7% from 0.8% 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 4.76% to 4.77% this week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased from 4.68% last week to 4.66%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.80% to 4.78% this week.
The average contract interest rate for 15-year fixed-rate mortgages increased from 4.18% to 4.22% this week.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 4.12%, down from 4.13% last week.
