MBA: Mortgage applications slide 0.6% from last week

There was a decline in mortgage applications in the week ending June 14 as rates increased after their recent downward trend. The Mortgage Bankers Association’s Market Composite Index shows a 3.

Mortgage. applications, up from 37.9% the previous week. The adjustable-rate mortgage (ARM) share rose to 6.8% over the same period. The FHA share fell to 9.4% from 10.1%, the VA share rose to 11.0.

The refinance share of mortgage activity fell to 38.8% of total applications, down from 39.4% the previous week. The FHA share of total applications fell to 9.5% from 9.9%, the VA share fell to 10.9% from 11.3%, and the USDA share remained unchanged at 0.6%.

“Led by a 5.5 percent increase in FHA loan applications, purchase activity picked up last week and was almost 2 percent higher than a year ago,” says Joel Kan, associate vice president of economic and.

The refinance share of mortgage activity held its ground at last week’s 37.9%. The adjustable-rate mortgage share of activity fell to 6.3% of total applications. The Federal Housing Administration ‘s share of mortgage apps moderately increased from last week’s 9.5% to 10.1%.

The Veterans Affairs’ share of applications declined to 10.9% from last week’s 11.3%. The Department of Agriculture ‘s share of total applications held its ground from last week’s 0.6%.

Adjustable rate mortgage loans accounted for 7.9% of all applications, up 0.3 points compared with the prior week. According to the MBA, last week’s average mortgage loan rate for a conforming.

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More significantly, 30-year fixed rates have fallen by 88 basis points since last November. which is a measure of mortgage loan application volume, increased by 2.4% in the week ending 17 th May..

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“Application activity fell last week. 41.6% the previous week. The adjustable-rate mortgage (ARM) share fell to 7.5%. The FHA share rose to 11.0% from 10.5%, the VA share rose to 11.0% from 10.0%,

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Thanks to an unexpectedly large drop in mortgage rates following last week’s FOMC meeting, purchase applications jumped 6 percent and refinance applications surged over 12 percent,” says Joel Kan, MBA.

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Mortgage Bankers Association Annual Conference 2016 - Clara Shih Keynote “Slightly higher mortgages rates last week led to a decrease in application. mortgage (ARM) share of activity rose to 7.4%. The FHA share rose to 10.3% from 10.2%, the VA share fell to 10.4% from.