Mortgage application volume slipped 8.7 percent on a seasonally adjusted basis for the week ending June 13, according to the latest weekly survey from the Mortgage Bankers Association.
On an unadjusted basis, the application index was off 9.6 percent from one week earlier and 21.3 percent compared to the same week a year ago, at a time when the industry was already in a slump.
Refinance application volume fell a whopping 15 percent from one week earlier, while purchases increased 4.3 percent and FHA loans climbed 4 percent.
The refinance share of total applications has fallen to just 37.4 percent, down from 39.8 percent last week and nearly half its 75 percent share at the end of January.
Perhaps because interest rates took a serious turn for the worse, with the 30-year fixed-rate mortgage averaging 6.57 percent, up from 6.24 percent.
The 15-year was no better, climbing to 6.14 percent from 5.78 percent last week, while the one-year adjustable-rate mortgage jumped to 7.22 percent from 6.87 percent.
That caused the ARM share of total applications to fall below 10 percent, to just 9.7 percent of all mortgage activity.
The weekly MBA survey covers nearly half of all retail residential mortgage applications, including duplicates and denials.
(photo: imperfecttommy)
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