Mortgage application activity decreased 11.2% from one week earlier as refinance volume continued to slow while the bond market and interest rates stabilized, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending July 22 found that the refinance index decreased 15%
The market share of refi activity decreased to 61.1% from 64.2% the previous week. At the same time, the seasonally adjusted purchase index decreased 3% to the lowest level since February 2016. On an unadjusted basis purchase activity is up 12% over one year ago.
The adjustable-rate mortgage share of applications decreased to 4.7% from 5.1%, while the Federal Housing Administration share increased to 10.1% from 9.9%.
The VA share increased to 11.9% from 11.2% and the USDA share increased 1 basis point to 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.69% from 3.65%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased 1 basis point to 3.67%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.56% from 3.53%, while for 15-year fixed-rate mortgages, the average increased to 2.94% from 2.9%.
The average contract interest rate for 5/1 ARMs increased to 2.96% from 2.86%.
