Holiday-adjusted refinance applications during the week ending June 3 inched up in response to a slight drop in rates but overall applications were down on the week, according to the Mortgage Bankers Association’s survey.
Based on the MBA’s indices, total applications were down 0.4% on a seasonally and holiday-adjusted basis from the previous week. On an unadjusted basis they were down 11% week-to-week. However, on a four-week moving average basis, total apps were up by 1%.
Holiday-adjusted refi apps were up 1.3% from the previous week as the refinance share of mortgage activity increased to 67.3% from 65.7%. The refi share has not been this high since the week of Jan. 28.
Seasonally adjusted purchase apps were down 4.4% week-to-week. On an unadjusted basis they were down 15.2% but they were 9% higher than a year ago.
The four-week moving average for purchase apps was down 1.6% on a seasonally adjusted basis and up 2.1% for refi apps.
Most apps continued to be for fixed rate mortgages. The adjustable-rate mortgage share during the week ending June 3 was 6.1%, down from 6.2% the previous week.
The average contract rate for 30-year FRMs during the week ending June 3 slid to 4.54% with 0.95 of a point from 4.58% with one point the previous week. This was the lowest average 30-year rate in MBA’s survey since the week ending Nov. 19, 2010. (Average points include the origination fee and are based on loans with 80% loan-to-value ratios.)
The equivalent rate for 15-year FRMs dropped to 3.67% with 1.06 points from 3.78% with 1.07 points. This was the lowest average 15-year rate since Oct. 22, 2010.
