Mortgage application volume increased 4.6% on a seasonally adjusted basis
The trade group adjusted the survey results to accommodate a short July 4 week; the unadjusted volume was down 6% due to the shorter time period, while the unadjusted purchase index dropped 4% from the previous week.
Adjustable-rate mortgages grew to 7.1% of total applications. The average interest rate of a 30-year conforming (under $417,000) fixed-rate mortgage fell three basis points, to 4.23%. The average for 30-year jumbo loan fixed-rate mortgage also fell three basis points, to 4.18%. The average for 15-year fixed-rate mortgages decreased a comparable three basis points to 3.41%, while the average interest rate for a 30-year fixed-rate Federal Housing Administration loan held suit and also decreased three basis points, to 4.01%.
Refinance application volume increased by 3%, but its market share decreased to 48% of total applications, the lowest level since June 2009, according to the MBA. That's nearly a full percentage point lower than the 48.9% figure from the week before.
Federal Housing Administration applications as a share of the total fell to 13.7%, down 30 basis points from the week before. Department of Veterans Affairs applications maintained their 10.8% share of applications from the week before, while USDA loans fells 10 basis points, to 0.9%, from the week before.
