The Mortgage Bankers Association’s (MBA) released its weekly survey this morning for the week ending July 22, 2016, showing mortgage applications had went down 11.2% from the previous week.

Purchase applications were at there lowest level since February 2016, with a decrease of 3% from one week earlier. Refinances also dropped 15%, representing 61.1% of total applications from 64.2% the previous week. Adjustable-rate mortgage (ARM) applications were down as well with 4.7% of total applications.

FHA loan applications were up to 10.1% from 9.9% the week prior. VA mortgage apps were also higher to 11.9% from 11.2% the previous week. The USDA share of total applications were up as well to 0.6% from 0.5% the week prior.

The MBA said 30-year fixed-rate mortgage rates for conforming loans increased to 3.69% from 3.65%, with points unchanged at 0.36 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Jumbo 30-year fixed average rates with a 80% loan to value were up to 3.67% from 3.66%, with points unchanged at 0.32 (including the origination fee) for 80 percent LTV loans.

30 year fixed FHA mortgage rate averages increased to 3.56% from 3.53%, with points increasing to 0.35 from 0.30 (including the origination fee) for 80 percent LTV loans.

Average rates for the 15 year mortgage with a 80% loan to value went up to 2.94% from 2.90%, with points increasing to 0.32 from 0.31 (including the origination fee).

The average contract interest rate for 5/1 ARMs increased to 2.96 percent from 2.86 percent, with points increasing to 0.30 from 0.29 (including the origination fee) for 80 percent LTV loans, according to the MBA.

Erik Sandstrom
LoanSafe's Mortgage Expert

I’m a Senior Loan Officer and LoanSafe mortgage expert. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.