On an unadjusted basis, the composite index decreased by 17% week over week. The seasonally adjusted purchase index dropped 3% compared to the week ended May 22. The unadjusted purchase index decreased 14% for the week, and remained 14% higher year over year. Last week’s data have been adjusted to account for the Memorial Day holiday.
The MBA’s refinance index decreased 12% week over week, and the percentage of all new applications that were seeking refinancing fell from 51% to 49%, its lowest level in 12 months.
According to Mortgage News Daily, mortgage rates jumped Tuesday as a result of the U.S. market’s relationship with European markets:
[E]conomic data and headlines concerning a potential Greek debt deal caused European rates to jump. (The more it looks like Greece will get some sort of ‘deal,’ the higher rates go in the stable countries, and it’s those countries that have the most direct effect on US rates).
Adjustable rate mortgage loans accounted for 6.1% of all applications, down from 6.4% the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.07% to 4.02%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.06% to 4.01%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.29% to 3.27%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.04% to 2.97. Rates on a 30-year FHA-backed fixed rate loan dropped from 3.83% to 3.77%.
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