New loan applications ease but rates take a pause

Average rates for many loans unchanged

New loan applications ease but rates take a pause

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.