Mortgage Applications Take A Pause
WASHINGTON–After advancing for two straight weeks, mortgage applications slipped a bit.
The Mortgage Bankers Association reported its Weekly Mortgage Applications Survey shows applications dipped 1.3% in the week ending July 15, 2016. The Refinance Index was also lower–down 1%–as the refinance share of mortgage activity rose to 64.2% of total applications from 64.0% the previous week, the MBA said.
According to the MBA, the average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) rose five basis points–to 3.65% from 3.60%, with points unchanged at 0.36 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
Other findings from the MBA:
* The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) moved from 3.61% to 3.66%, with points unchanged at 0.32 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
* The average contract interest rate for 30-year FRMs backed by the FHA was unchanged at 3.53%, with points decreasing to 0.30 from 0.32 (including the origination fee) for 80% LTV loans.
* The average contract interest rate for 15-year fixed-rate mortgages inched up two basis points to 2.90%, with points decreasing to 0.31 from 0.34 (including the origination fee) for 80% LTV loans.