Housing
Mortgage Loan Rates Made Mixed Moves as Applications Dipped Last Week
Published:
Last Updated:
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.5% in the group’s seasonally adjusted composite index for the week ending June 29. Mortgage loan rate movements were mixed last week.
Mortgage loan rates did not change at all last week, with the 30-year fixed rate loan ending the week right where it began, at 4.66% according to Mortgage News Daily. The yield on 10-year Treasury bonds dipped to just over 2.83% on Tuesday and is not expected to move much in the holiday week.
On an unadjusted basis, the MBA’s composite index decreased by 1% week over week. The seasonally adjusted purchase index increased by 1% compared with the week ended June 22. The unadjusted purchase index was unchanged for the week and was 1% lower year over year.
The MBA’s refinance index decreased by 2% week over week and the percentage of all new applications that were seeking refinancing fell from 37.6% to 37.2%.
Adjustable rate mortgage loans accounted for 6.7% of all applications, up from 6.5% in the prior week.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage slipped from 4.84% 4.79%. The rate for a jumbo 30-year fixed-rate mortgage ticked up from 4.7% to 4.71%. The average interest rate for a 15-year fixed-rate mortgage decreased from 4.29% to 4.22%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 4.01% to 4.03%. Rates on a 30-year FHA-backed fixed rate loan slipped from 4.81% to 4.78%.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.