Mortgage application volume bounced off its lowest point since 2001, rising 3.6 percent on a seasonally adjusted basis for the week ending June 27, according to the latest MBA survey.
On an unadjusted basis, the home loan application index was up 3.2 percent from the previous week, but still a hefty 22.8 percent lower compared with the same week a year ago.
The increase in applications was led by a 4.7 percent increase in refinance applications, a 3.4 percent bump in FHA loans, and a 2.8 percent gain in purchase apps.
The refinance share of total applications increased ever so slightly to 36.8 percent of all mortgage activity, up from 36.3 percent a week earlier as rates saw mild improvement.
The benchmark 30-year fixed-rate mortgage fell to 6.33 percent from 6.39 percent a week prior, while the 15-year fixed shed five basis points to average 5.90 percent.
The one-year adjustable-rate mortgage was moving in the opposite direction, rising to 7.14 percent from 7.09 percent one week earlier.
That may explain why the ARM-share of total applications remained the minority at just 8.5 percent of all mortgage activity.
The MBA’s weekly survey covers roughly 50 percent of all retail residential loan apps in the United States.
The numbers should be taken with a grain of salt, considering the fact that wholesale lending has diminished greatly and multiple applications are counted.
(photo: nightthree)
Related Topics:
