Mortgage applications up 1.6 percent from last week

Refinance activity comprised almost half of mortgage applications

Inman Inman  editorial@inman.com  InmanNews Jun 24, 2015

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for last week showed a 1.6 percent week-over-week increase in the Market Composite Index, a measure of mortgage loan application volume.

The Refinance Index was up 2 percent week-over-week.

Mortgage update: Mortgage applications were up 1.6 percent from last week.

Other findings:

Refinance activity comprised 49.0 percent of total applications, up from 48.5 percent the previous week.

The adjustable-rate mortgage comprised 7.0 percent of total applications, which is the highest level since December 2014.

The FHA share of total applications comprised 13.9 percent, down from 14.2 percent the previous week.

The VA share of total applications comprised 10.9 percent, down from 11.5 percent the previous week.

The USDA share of total applications comprised 0.9 percent, unchanged from the previous week.

The average 30-year fixed-rate mortgage interest rate decreased to 4.19 percent from 4.22 percent.

The average FHA 30-year fixed-rate mortgage interest rate decreased to 3.96 percent from 4.00 percent.

The average 15-year fixed-rate mortgage interest rate decreased to 3.38 percent from 3.43 percent.

The average interest rate for 5/1 ARMs decreased to 3.04 percent from 3.15 percent.