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Mortgage Applications Down, Shares Mostly Unchanged

According to data from MBA’s Mortgage Applications Survey for the week ending June 23, 2017, the Market Composite Index experienced a 6.2 percent decrease on a seasonally adjusted basis from the previous week. Based on an unadjusted basis, the Index decreased by 7 percent. The Refinance Index also experienced a decrease by 9 percent from one week earlier.

More indexes experienced decreases in the previous week while most shares remained unaffected.

The seasonally adjusted Purchase Index decreased by 4 percent, and unadjusted by 5 percent. However, the unadjusted Purchase Index was 8 percent higher than a year ago during the same week.

The refinance share of mortgage activity decreased to 45.6 percent of total applications from 46.6 percent one week earlier. The ARM share decreased to 7 percent of total applications from the week before.

The USDA share of total applications remained unchanged at 0.7 percent from the week prior. The FHA share increased 10.3 percent in total applications from 10.1 percent the week before. The VA share of total applications decreased to 10.3 percent from 10.4 percent the week prior.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39 percent from 3.40 percent, with points including the origination fee, decreasing to 0.33 from 0.38 for 80 percent LTV loans.

The average contract interest rate for five year ARMs increased to 3.31 percent from 3.26 percent with points increasing to 0.25 from 0.22 for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 4.13 percent, with points including the origination fee decreasing to 0.32 from 0.34 for 80 percent LTV loans, and the effective rate remained the same from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances increased to 4.09 percent, with points including the origination fee decreasing to 0.20 from 0.30 for 80 percent of LTV loans, and the effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.02 percent from 4.04 percent, with points including the origination fee increasing to 0.41 from 0.35 for 80 percent LTV loans. The effective rate remained unchanged from last week.

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