Skip to main content

Mortgage Apps Rise Slightly Over Last Week

Jun 25, 2015

Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 19, 2015. The Market Composite Index, a measure of mortgage loan application volume, increased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased one percent compared with the previous week. The Refinance Index increased two percent from the previous week. The seasonally adjusted Purchase Index increased one percent from one week earlier. The unadjusted Purchase Index was unchanged compared with the previous week and was 18 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 49.0 percent of total applications from 48.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to seven percent of total applications, the highest level since December 2014.

The FHA share of total applications decreased to 13.9 percent from 14.2 percent the week prior. The VA share of total applications decreased to 10.9 percent from 11.5 percent the week prior. The USDA share of total applications remained unchanged at 0.9 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.19 percent from 4.22 percent, with points decreasing to 0.38 from 0.46 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.14 percent from 4.18 percent, with points decreasing to 0.35 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.96 percent from 4.00 percent, with points decreasing to 0.14 from 0.20 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.38 percent from 3.43 percent, with points increasing to 0.37 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.04 percent from 3.15 percent, with points decreasing to 0.46 from 0.52 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

About the author
Published
Jun 25, 2015
Tug-Of-War Continues Between President Trump, Fed Chair Powell Over Rate Cuts

President’s April 17 social media post expresses growing impatience with Federal Reserve Board not cutting rates

Apr 18, 2025
Mortgage Insurance Premium Tax Write-Off Back On The Table

Bipartisan bill would restore, expand expired MIP deduction, aiming to ease homeownership costs for millions

Apr 15, 2025
FBI Boston Warns Of Growing Title Fraud

Fraudsters forging documents to sell properties or take out mortgages on them, FBI says

Apr 14, 2025
Remembering Kevin DeLory

Equity Prime Mortgage executive, 53, passes away after battle with cancer

Apr 10, 2025
UWM Taps Google To Double Loan Output

The strategic partnership brings AI-driven automation and cloud technology to streamline the home loan process for brokers and borrowers

Apr 08, 2025
Only First-Time Buyers Should Get Mortgage Interest Deduction, UI Says

Urban Institute proposes changing the tax code, but will policymakers and trade groups go for it?

Apr 04, 2025