The Mortgage Bankers Association’s (MBA) released its weekly survey for the week ending May 13, 2016, showing mortgage applications decreased 1.6% from one week earlier.
On a good note, the refinance index was up by 1% from last week and saw an increased share of all mortgage activity by increasing to 54.7% from 52.8% the previous week.
ARM loan applications decreased to 5.5% from 5.7% the week prior, and FHA’s share also decreased to 12.6% from 13%.
VA loan applications increased to 12.2% from 11.7% the previous week, and USDA’s numbers remained unchanged at 0.7%.
30-year fixed-rate mortgage applications were the same at 3.82%, and jumbo loan as well.
The average FHA 30 year loan had gone down to 3.63% from 3.64%, and the 15-year fixed decreased to 3.02% from 3.06%.
5/1 ARMs were up to 2.94% from 2.93% the previous week.
I’m LoanSafe.org’s mortgage expert and a senior loan officer with Prime Lending. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.