Mortgage applications decreased 1.3% from one week earlier as rates on conforming and jumbo mortgages increased by five basis points, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending July 15 found that the refinance index decreased 1%
The market share of refi apps increased to 64.2% from 64% the previous week. At the same time, the seasonally adjusted purchase index decreased 2%. But on an unadjusted basis they were up 23% over the previous week and 16% over the same week last year.
The adjustable-rate mortgage share of applications decreased to 5.1% from 5.2%, while the Federal Housing Administration share decreased to 9.9% from 10%.
The VA share decreased to 11.2% from 12.1% and the USDA share decreased to 0.5% from 0.6%.
This is the first rate increase recorded by the MBA survey since the Brexit vote. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased five basis points to 3.65%, while for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) it increased to 3.66% from 3.61%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.53%, while for 15-year fixed-rate mortgages, the average increased 2 basis points to 2.9%.
The average contract interest rate for 5/1 ARMs increased to 2.86% from 2.78%.
