The refinance share of overall activity increased
The volume of mortgage applications increased during the week ending June 15, while changes in average contract interest rates were mixed, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
The Market Composite Index, a measure of mortgage loan application volume, climbed 5.1% on a seasonally adjusted basis and rose 3% on an unadjusted basis. The Refinance Index increased 6% from the previous period. The Purchase Index gained 4% on a seasonally adjusted basis and inched up 1% on an unadjusted basis. The unadjusted Purchase Index was 3% higher than the same week one year ago.
Refinance applications accounted for 36.8% of all applications during the period, an increase from the 35.6% share in the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7% of total applications.
Applications for FHA loans made up 10.1% of activity, down from 10.6%. There was also a decrease in the activity share of VA applications to 10.2% from 10.7%. The USDA share of total applications decreased to 0.7% from 0.8%.
The average rate for the 30-year fixed-rate mortgage with conforming loan balances was unchanged during the period and remained at 4.83%, with points decreasing to 0.48 from 0.53. Rates for the 30-year fixed-rate mortgage with jumbo loan balances increased to 4.79% from 4.74% and the 15-year fixed-rate mortgage rose to 4.27% from 4.23%.
The average rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.82% from 4.83%, with points increasing to 0.84 from 0.78. Rates for 5/1 ARMs averaged 4.06%, down from 4.11%, with points decreasing to 0.54 from 0.56.
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