With the Latest Dip in Mortgage Interest Rates, MBA Sees Pick Up in Refinance Activity

The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 17, 2016 reflected declines in 30-year and 15-year fixed-rate mortgage (FRM) interest rates. Conforming loan contracts averaged 3.76% compared to 3.79% the previous week. Jumbo loan balances, those greater than $417,000, dipped from 3.75% last week to 3.70%. Fifteen-year FRM interest rates averaged at 3.04%, which was lower than the 3.06% average a week ago.

With the declines in average contract interest rates, the MBA’s survey reflected a 7% increase in the Refinance Index with refinance applications making up 57.7% of total applications. This was 2.4% higher than the prior week. In contrast, the seasonally adjusted Purchase Index saw a decline of 2% on a week-over-week basis. On an unadjusted basis, the Purchase Index dropped by 4% compared to the previous week but was 12% higher than the same time last year. Read the full survey results at http://bit.ly/28QY6Ol.

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