The WPJ
Residential Real Estate News
Mortgage Applications Drop in US
Mortgage applications in the United States decreased 4.6 percent from a week ago, according to the latest data from the Mortgage Bankers Association.
The group's refinance index decreased 8 percent from the previous week, as higher interest rates continued to dampen the market. The refinance index has dropped 62.1 percent from the recent peak reached in May.
Overall, the refinance share of mortgage activity decreased to 62 percent of total applications from 63 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6 percent of total applications, the agency reported.
The group's data also showed an increase in the average interest rate for a 30-year fixed mortgage with conforming loan balances, which increased to 4.68 percent from 4.56 percent a year ago.
More data from the agency:
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.74 percent from 4.57 percent, with points increasing to 0.28 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.40 percent from 4.25 percent, with points decreasing to 0.21 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.71 percent from 3.60 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.44 percent from 3.36 percent with points increasing to 0.48 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.40 percent from 4.25 percent, with points decreasing to 0.21 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.71 percent from 3.60 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs increased to 3.44 percent from 3.36 percent with points increasing to 0.48 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
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