Mortgage Applications Decrease in Latest MBA Weekly Survey
WASHINGTON, D.C. (June 19, 2013) — Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 14, 2013.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 12 percent higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 69 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity was unchanged at 7 percent of total applications. The government share of purchase applications has been at 29 percent for the past two weeks, which is the lowest level in the history of this series. The HARP share of refinance applications increased to 31 percent from 29 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.17 percent, the highest rate since March 2012, from 4.15 percent, with points decreasing to 0.41 from 0.48 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. This is the sixth straight weekly increase for this rate. The effective rate increased from last week. read more