finance
Mortgage Applications Dip 2.2% Week-to-Week but Remain Above Year-Ago Levels as 30-Year Rate Edges to 6.58%
Total mortgage application volume declined last week while the average 30-year fixed rate increased one basis point. Refinance and purchase applications both fell on a weekly basis but remained above year-ago levels.
Jul 8, 7:00 AM·1m read1 source
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less rose to 6.58% from 6.57% the prior week. Points on those loans decreased to 0.64 from 0.65, including the origination fee, for loans with a 20% down payment.
Total mortgage application volume dropped 2.2% last week on a seasonally adjusted basis compared with the previous week, the Mortgage Bankers Association reported.
An adjustment was made for the Independence Day holiday. Applications to refinance a home loan fell 4% for the week and stood 8% above the same week one year earlier. Applications for a mortgage to purchase a home declined 1% and were 5% higher than the year-ago level.
Government purchase volume increased modestly, led by a 5% gain in VA purchase applications, while conventional purchase activity declined. Refinance application volume was also down 4%.
Mortgage rates moved slightly higher to start this week, according to a separate survey from Mortgage News Daily. Rates have remained in a narrow range for more than a month.
