The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week decrease of 1.9% in the group’s seasonally adjusted composite index for the week ending July 10. That followed an increase of 4.6% for the week ending July 3 (including an adjustment for the Independence Day holiday). Mortgage loan rates either remained unchanged or increased slightly on the five loan types.
On an unadjusted basis, the composite index increased by 9% week over week. The seasonally adjusted purchase index fell by 8% compared to the week ended July 3. The unadjusted purchase index rose by 3% for the week and remains 17% higher year over year.
The MBA’s refinance index increased by 4% week over week, and the percentage of all new applications that were seeking refinancing rose from 48.0% to 50.8%.
Adjustable rate mortgage loans accounted for 7.4% of all applications, up from 7.1% in the prior week.
Mortgage News Daily reported Tuesday that the weak report on U.S. retail sales helped keep mortgage loan rates relatively stable, with the rate for 30-year fixed-rate conventional loans remaining in a range of 4.125% to 4.250% for the best-qualified borrowers.
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According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.23%. The rate for a jumbo 30-year fixed-rate mortgage increased from 4.18% to 4.20%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.41% to 3.43%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.03% to 3.13%. Rates on a 30-year FHA-backed fixed-rate loan rose from 4.01% to 4.04%.
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