A total of 168,915 FHA loan applications were received last month, down 6.9 percent from May and 29.4 percent lower than levels seen a year ago, according to the FHA Outlook report.
Oh, and 50 Hope for Homeowners applications…remember, that program that was supposed to change the game.
The seasonally adjusted rate of applications fell 13 percent from a month earlier to 1,898,900, the lowest level since January.
However, FHA endorsements (loans insured) increased 21 percent month-to-month to 150,911, though they were still off 22.4 percent from year-ago levels.
The weighted Fico score of those approved for an FHA loan was 697, down from 698 a month earlier, but above the 684 seen last year.
Meanwhile, the FHA serious delinquency rate (90+ days late) decreased to 8.3 percent in June, down from 8.4 percent a month earlier, but up from 7.6 percent last year.
Just over a half million FHA loans were 90+ days late as of last month, compared with less than 400,000 a year ago.
In June, the FHA insured 150,911 mortgages worth $26.4 billion, pushing its aggregate total to 6,402,527 mortgages with an outstanding balance of $865.5 billion.
Last week, the FHA proposed a minimum credit score of 500 for all applicants, and said borrowers with Fico scores below 580 will need to bring in at least a 10 percent down payment.