On an unadjusted basis, the composite index increased by 9% week over week. The seasonally adjusted purchase index fell by 8% compared to the week ended July 3. The unadjusted purchase index rose by 3% for the week and remains 17% higher year over year.
The MBA’s refinance index increased by 4% week over week, and the percentage of all new applications that were seeking refinancing rose from 48.0% to 50.8%.
Adjustable rate mortgage loans accounted for 7.4% of all applications, up from 7.1% in the prior week.
Mortgage News Daily reported Tuesday that the weak report on U.S. retail sales helped keep mortgage loan rates relatively stable, with the rate for 30-year fixed-rate conventional loans remaining in a range of 4.125% to 4.250% for the best-qualified borrowers.
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According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.23%. The rate for a jumbo 30-year fixed-rate mortgage increased from 4.18% to 4.20%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.41% to 3.43%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.03% to 3.13%. Rates on a 30-year FHA-backed fixed-rate loan rose from 4.01% to 4.04%.
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