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Mortgage applications decrease in latest bankers' survey

Interest rate for 30-year fixed-rate mortgages remain unchanged at 3.61%,

Mortgage applications decreased 2.6 % from one week earlier, according to a survey for the week ending June 24.

The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey alsao found that the Refinance Index decreased 2% from the previous week. The refinance share of mortgage activity increased to 58.1% of total applications from 57.7% the previous week.

The FHA share of total applications decreased to 10.6% from 11.7% the week prior. The VA share of total applications increased to 12.2% from 11.1% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) dropped to its lowest level since May 2013, 3.75%, from 3.76%, with points increasing to 0.36 from 0.33 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate remained unchanged from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.74% from 3.70%, with points increasing to 0.34 from 0.28 (including the origination fee) for 80% loans.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 3.61%, with points increasing to 0.37 from 0.24 (including the origination fee) for 80% loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.02% from 3.04%, with points increasing to 0.38 from 0.36 (including the origination fee) for 80% loans.

The average contract interest rate for 5/1 ARMs decreased to 2.88% from 2.92%, with points increasing to 0.30 from 0.21 (including the origination fee) for 80% loans.

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