MBA Weekly Survey June 14, 2023: Applications Increase
Mortgage applications increased 7.2 percent from one week earlier, according the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 9, 2023.
The Market Composite Index, a measure of mortgage loan application volume, increased 7.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 18 percent compared with the previous week. The Refinance Index increased 6 percent from the previous week and was 41 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 8 percent from one week earlier. The unadjusted Purchase Index increased 17 percent compared with the previous week and was 27 percent lower than the same week one year ago.
The refinance share of mortgage activity remained unchanged at 27.3 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.5 percent of total applications.
The FHA share of total applications decreased to 13.0 percent from 13.2 percent the week prior. The VA share of total applications increased to 12.6 percent from 12.5 percent the week prior. The USDA share of total applications increased to 0.5 percent from 0.4 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.77 percent from 6.81 percent, with points decreasing to 0.65 from 0.66 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $726,200) increased to 6.79 percent from 6.74 percent,with points decreasing to 0.5 from 0.56 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.70 percent from 6.73 percent,with points decreasing to 1.14 from 1.15 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.25 percent, with points increasing to 1.05 from 0.62 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs decreased to 5.90 percent from 5.93 percent,with points increasing to 1.17 from 0.96 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, visit
www.mba.org/WeeklyApps or contact mbaresearch@mba.org.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been
conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
Base period and value for all indexes is March 16, 1990=100.
