Mortgage applications increased 9.3% from one week earlier as rates were basically flat for the period, according to the Mortgage Bankers Association. This week's results include an adjustment to account for the Memorial Day holiday.
The MBA's Weekly Mortgage Applications Survey for the week ending June 3 found that the seasonally adjusted purchase index increased 12% from one week earlier.
The refinance index increased 7%
The adjustable-rate mortgage share of activity remained unchanged at 5% of total applications, while the FHA share of total applications increased to 13% from 12.5%.
The VA share decreased to 11.5% from 12% the week prior and the USDA share of total applications remained unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.83% from 3.85%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 3.81%.
The average rate for the 30-year backed by the FHA increased to 3.71% from 3.65%, while for 15-year fixed-rate mortgages, the average rate decreased one basis point to 3.11%.
The average rate for 5/1 ARMs decreased to 2.96% from 3%.
