Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 30.
Separately, the Refinance Index decreased 0.4% from the previous week, while the seasonally adjusted Purchase Index increased 3% from one week earlier.
The refinance share of mortgage activity decreased again, falling to 44.9% of total applications from 45.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.
The Federal Housing Administration’s share of total applications decreased to 10.2% from 10.3% the week prior. The Veterans Affairs’ share of total applications, however, remained unchanged at 10.3% from the week prior.
Meanwhile, the Department of Agriculture’s share of total applications increased to 0.8% from 0.7% the week prior.
Rising to its highest level since May 2017, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.20%, from 4.13%.
Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to its highest level since May 2017, 4.10%, from 4.09%.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since May 2017, 3.43%, from 3.39%, while the average contract interest rate for 5/1 ARMs increased to its highest level since March 2017, 3.37%, from 3.31%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.04% from 4.02%.
