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.