Mortgage Applications Jump Up 26.8%

Mortgage applications rose by 26.8% on a seasonally-adjusted basis over the week ending June 7th, 2019, according to the Mortgage Bankers’ Association’s Weekly Mortgage Applications Survey. The results for the previous week included an adjustment for the Memorial Day holiday.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, rose by 38% over the previous week. The Refinance Index rose by 47% over this period. The seasonally-adjusted Purchase Index rose 10%, and the unadjusted Purchase Index rose 20%.
The refinance share of mortgage activity rose to 49.8% of total applications this week, up from 42.2% the previous week. The adjustable-rate mortgage (ARM) share of activity rose to 7.9%. The FHA share fell to 8.9% from 9.5%, the VA share fell to 11.0% from 11.3%, and the USDA share remained unchanged at 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) fell to 4.12% from 4.23% the previous week. Points for 80% loan-to-value ratio (LTV) loans remained unchanged at 0.33. (All 80% LTV loan reports include the origination fee.) The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) fell to 4.04% from 4.09%. Points for 80% LTV loans fell to 0.17 from 0.21, and the effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.09% from 4.24% the previous week. Points for 80% LTV loans fell to 0.26 from 0.33, and the effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages fell to 3.53% from 3.65%. Points for 80% LTV loans fell to 0.32 from 0.36, and the effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs fell to 3.43% from 3.62% the previous week. Points for 80% LTV loans rose to 0.32 from 0.19, and the effective rate decreased from last week.

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