Tags: mortgage | applications | rates | home | loans

Mortgage Applications Little Changed as Rates Stall

Mortgage Applications Little Changed as Rates Stall
(Dreamstime/FLYNT)

Wednesday, 03 July 2019 09:40 AM

U.S. mortgage applications were little unchanged last week as a pickup in requests for loans to buy a home was offset by a fall in filings to refinance one, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group’s seasonally adjusted index on mortgage activity dipped 0.1% at 518.1 in the week ended June 28.

Interest rates on 30-year fixed-rate “conforming” mortgages, or loans whose balances are $484,350 or less, edged up to 4.07% from prior week’s 4.06%, which was the lowest level since September 2017.

"Purchase applications picked up slightly last week, as conventional and government activity were each up around 1 percent. Furthermore, in continuation of the gradual growth trend seen throughout the first half of 2019, purchase activity was almost 10 percent higher than a year ago," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "A still-strong job market, improving affordability and lower mortgage rates continue to support growth."

Added Kan, "Conventional refinances dropped slightly over the week, but there was a pick-up in government refinances, with FHA activity jumping 17 percent. Additionally, the average loan amount for government refinance applications reached another survey high at $282,500. In a week of mixed mortgage rate movements across the various loan types, the 30-year fixed rate finished slightly higher than last week, but was still close to lows last seen in 2016."

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U.S. mortgage applications were little unchanged last week as a pickup in requests for loans to buy a home was offset by a fall in filings to refinance one, the Mortgage Bankers Association said on Wednesday.
mortgage, applications, rates, home, loans
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2019-40-03
Wednesday, 03 July 2019 09:40 AM
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