U.S. mortgage applications down 9.2 percent in June 13 week

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – The average number of mortgage applications declined 9.2 percent in the week ended June 13 from the previous week, according to a weekly survey by Mortgage Bankers Association (MBA) released Wednesday.

Purchase applications dropped 6 percent unadjusted over the week and fell 15 percent compared with the year-earlier period, the MBA said. The refinance share of mortgage activity slid 52 percent of total applications from the previous week’s 54 percent. The adjustable-rate mortgage share of activity stayed flat at 8 percent of total applications.

Rates on 30-year, fixed-rate mortgages with conforming loans rose to 4.36 percent from 4.34 percent in the previous week. The average rate on 30-year, fixed-rate mortgages with jumbo-loan balances jumped to 4.32 percent from 4.27 percent the prior week.

Rates on 30-year, fixed-rate mortgages backed by the Federal Housing Administration climbed to 4.07 percent, compared with the previous week’s 4.06 percent.

For 15-year, fixed-rate mortgages, the average rates rose to 3.50 percent from 3.43 percent in the previous week. The average rates for 5/1 ARM inched up to 3.20 percent from 3.18 percent the prior week.

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