MBA: Refis boost mortgage applications

Mortgage applications reversed course this week, increasing 5.1% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 15, 2018.

On an unadjusted basis, the index increased 3% from the previous week.

The Refinance Index climbed 6% from the previous week. The unadjusted Purchase Index also increased 1% from last week, and the seasonally adjusted Purchase Index, increased 4% from one week prior.

The refinance share of mortgage activity increased from last week’s 35.6% to 36.8% of total applications.

The adjustable-rate mortgage share of activity increased to 7% of total applications.

The Federal Housing Administration decreased from the 10.6% the prior week to 10.1%, and the Veterans Affairs’ share of applications decreased from 10.7% last week to 10.2%.

The Department of Agriculture share of total applications decreased to 0.7% this week 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) remained unchanged from last week’s 4.83%. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased from 4.74% last week to 4.79%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from last week’s 4.83% to 4.82% this week.

The average contract interest rate for 15-year fixed-rate mortgages increased from last week’s 4.23% to 4.27% this week.

Lastly, the average contract interest rate for 5/1 ARMs decreased to 4.06%, down from 4.11% last week.

Article source: https://www.housingwire.com/articles/43726-mba-refis-boost-mortgage-applications

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