Average rates for many loans unchanged
There was a slight decrease in new mortgage applications for the week ending June 20, 2018.
The Mortgage Bankers Association’s market composite index from its Weekly Mortgage Applications Survey was down 0.2% on a seasonally adjusted basis from a week earlier but unchanged on a non-adjusted basis.
The refinance index was up 1% while both the adjusted and unadjusted purchase index was down 1% (although up 2% from a year earlier.)
Refinances took a 36.8% share of all mortgage applications, up slightly from the week before (36.5%). ARM share increased to 6.3% of all applications.
There was a decrease to 9.9% for the FHA share of all applications (10.6% a week earlier) and VA share was unchanged at 10.2%. USDA share was up slightly to 0.8% from 0.7%.
Average contract rates (for 80% LTV loans inc. origination fees) were:
|
|
Rate (point) |
Previous week |
|
30-year FRM conforming |
4.77% (0.45) |
4.77% (0.46) |
|
30-year FRM jumbo |
4.72% (0.31) |
4.66% (0.30) |
|
30-year FRM FHA |
4.78% (0.73) |
4.78% (0.69) |
|
15-year FRM |
4.23% (0.44) |
4.22% (0.42) |
|
5/1 ARM |
4.09% (0.29) |
4.12% (0.39%) |
Effective rates were higher for 30-year jumbo and FHA, and 15-year FRMs; lower for for 5/1 ARMs; and unchanged for 30-year conforming FRMs.
