Mortgage applications tumbled last week as mortgage rates approached two year highs according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 28th, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 11.7 percent last week and follows a 3.0 percent decline from the previous week.
On an unadjusted basis, mortgage loan application volume decreased by 12 percent after declining by four percent the week before.
Purchase Applications:
The seasonally adjusted Purchase Index fell by three percent after posting a two percent increase the week before. The unadjusted Purchase Index was four percent lower than the previous week but was still 12 percent higher than during the same period last year.
Refinance Applications:
The Refinance Index was 16 percent lower than the previous week after declining by five percent the week before. The refinance share of mortgage activity fell to 64 percent of total applications from 67 percent the previous week.
Mortgage Interest Rates:
|
Average Contract Mortgages Rates |
|||||
|
Type of |
Interest Rate (%) |
Points |
Effective Rate |
||
|
Current |
Previous |
Current |
Previous |
||
| 30-Year FRM Conforming ($417,500 or less) |
4.58 |
4.46 |
0.43 |
0.35 |
Increased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.68 |
4.52 |
0.38 |
0.28 |
Increased |
| 15-Year FRM |
3.64 |
3.55 |
0.44 |
0.43 |
Increased |
| FHA 30-Year |
4.27 |
4.20 |
0.44 |
0.40 |
Increased |
| 5/1 ARM |
3.33 |
3.06 |
0.31 |
0.39 |
Increased |
The adjustable-rate mortgage (ARM) share of activity increased to eight percent of total applications.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates
Source:
Mortgage Bankers Association
Reported by Chris Moore
