Mortgage applications increased 4.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 3, 2015. This week’s results included an adjustment for the July 4th holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 4.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index increased 3% from the previous week.
The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 32% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 48.0% of total applications, its lowest level since June 2009, from 48.9% the previous week. The adjustable-rate mortgage share of activity increased to 7.1% of total applications.
The FHA share of total applications decreased to 13.7% from 14.0% the week prior. The VA share of total applications remained unchanged at 10.8% from the week prior. The USDA share of total applications decreased to 0.9% from 1.0% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.23% from 4.26%, with points increasing to 0.37 from 0.33 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
see more: http://www.housingwire.com/articles/34408-mortgage-applications-rise-as-rates-tick-down
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