Refinance applications increased and purchase applications decreased for the week ending June 17, 2016, according to the Mortgage Bankers Association latest survey.

The total number of mortgage applications had risen 2.9% on a seasonally adjusted basis from the previous week.

The Refinance Index increased 7%, and the Purchase Index was down 2%.

Refinance applications had accounted for 57.7% of total applications from 55.3% the week prior. Adjustable-rate mortgages (ARM) also went up to 5.7% of total applications.

The FHA loan share of total apps was down to 11.7% from 11.8% the previous week, and VA loans remained stable at 11.1%.

USDA mortgage applications were also unchanged at 0.6%.

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.