MBA: Mortgage Application Volume Held Steady Last Week

Posted by Patrick Barnard on July 03, 2014 No Comments
Categories : Residential Mortgage

Mortgage application volume more or less held steady during the week ending June 27, dropping just 0.2% compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, volume dropped 1% compared with the previous week.

Applications for refinances increased 0.1%, on an adjusted basis, compared to the previous week, while applications for purchases decreased 1%.

On an unadjusted basis, purchase application volume decreased 1% compared with the previous week and was 16% lower than the same week one year ago.

The refinance share of mortgage activity increased to 53% of total applications from 52% the previous week.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.28%, down from 4.33% the previous week.

The interest rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.26%, down from 4.28% the week prior.

The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.99%, down from 4.03% the previous week.

The average rate for a 15-year FRM was 3.42%, down from 3.47%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.21%, down from 3.23%.

The ARM share of activity remained unchanged at 8% of total applications.

All rates are based on closings.

Register here to receive our Latest Headlines email newsletter




Leave a Comment