Mortgage applications keep going
On a non -adjusted basis, the index fell by 4% compared to the previous week.
The refinancing index fell by 4% compared to the last week and was 42% higher than the same week a year ago. The refinancing share of the mortgage activity remained unchanged in 37.3% of the total applications from the previous week.
“The refinancing activity fell again, because the mortgage interest rate was almost 7%and borrowers have a greater decrease in rates,” said Joel Kan, vice -president and substitute chief economist of MBA. “Given the withdrawal of refinancing, the average loan size for refinancing decreases decreased to slightly less than $ 290,000, the lowest level in three months.”
The seasonal purchasing index fell by 4% of a week earlier. The non -adapted purchase index fell by 3% compared to the previous week and was 3% higher than the same week a year ago.
“The mortgage interest rate was not changed much last week, with the fixed rate of 30 years against 6.89%. Mortgage application activity, in particular for home purchasing, continues to be subjected by broader economic uncertainty and signs of the labor market weakness, to the slowest pace since February,” said Kan. “Even with the spring tube formation of the purchasing requests, as conventional and VA requests, 6%and 4%, respectively. Housing inventory in many markets and first home buyers who are still in the mix, FHA purchasing applications made it better with just a slight decrease.
The share of the adjustable interest rate (poor) of the activity decreased to 7.4% of the total applications. The Fha In the meantime, the share of the total applications remained unchanged at 16.7% compared to the week before. The Va The share of the total applications fell to 13.1% of 13.4% the week before, and the USDA The share of the total applications rose to 0.4% from 0.4% the week before.
The average contract interest for 30-year mortgages with fixed interest rates with conforming loans fell marginal to 6.89% of 6.90%. The average contract interest for 30-year-old mortgages with fixed interest rates with Jumbo loan balances fell to 6.88% of 6.90%.
The average contract interest for 30 years with fixed rates with a fixed by the FHA supported by the FHA rose to 6.61% of 6.56%, while 15-year-old mortgages with a fixed interest rate decreased to 6.17% of 6.20%. The average contract interest for 5/1 weapons fell to 5.89% of 6.01%.
