Not much movement last week in the home loan business.

According to the Home loan Bankers Association’s (MBA) Weekly Home loan Applications Survey, home loan applications inched up a tiny 0.1 % during the week ending July 17.

The Refinance Index was down 1 %, with the refinance share of home mortgage activity slipping to to 50.3 % of total applications from 50.8 % the previous week. The adjustable-rate home mortgage (ARM) share of activity dropped to 7.3 % of overall applications.

The FHA share of overall applications edged approximately 14.0 % from 13.8 % the week prior, the VA share was 11.3 %, and the USDA share of overall applications was unchanged at 0.9 %.

Agreement rate of interest

  • The typical contract interest rate for 30-year fixed-rate home loans (FRMs) with adhering loan balances ($417,000 or less) was the same at 4.23 %, with points reducing to 0.34 from 0.39 (consisting of the origination cost) for 80 % loan-to-value ratio (LTV) loans. The efficient rate decreased from last week.The average agreement rate of interest for 30-year FRMs with jumbo loan balances(higher than $417,000)dipped 4 basis points– to 4.16 % from 4.20 %, with points increasing to 0.33 from 0.28(including the origination cost) for 80 % LTV loans. The reliable rate decreased from last week.The typical contract interest rate for 30-year FRMs backed by the FHA slipped from 4.02 % to 4.00 %, with points down to 0.17 from 0.26(consisting of the origination fee)for 80 % LTV loans. The effective rate reduced from last week.The average contract interest rate for 15-year FRMs held stable at 3.43 %, with points increasing to 0.34 from 0.33(consisting of the origination fee)
  • for 80 percent LTV loans. The effective rate enhanced from last week.The average agreement rate of interest for 5/1 ARMs fell to 3.08 % from 3.13 %, with points edging down to 0.41 from 0.42(including the origination charge)for 80 % LTV loans. The efficient rate decreased from recently. The study covers over 75 percent of all US retail residential home mortgage applications.