Mortgage rates jumped around 10 basis points last week, quashing new activity ahead of the holiday weekend.
At 162, the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended July 1 plummeted 27 percent from a week earlier. During the same week last year, the index — a measure of loan pricing inquiries by clients of Mortech — was 355.
The biggest decline was the more than one-third drop in refinance inquiries. Refinance share fell to 48 percent from the prior week’s 53 percent. Friday’s share reflected a 35 percent rate-term share and a 13 percent cashout share.
Conventional activity was down 29 percent, while adjustable-rate mortgage inquiries fell 27 percent. ARM share was trimmed to 9.79 percent from 10.05 percent.
In addition to Independence Day, rising interest rates put a damper on new mortgage inquiries.
The conforming 30-year mortgage jumped to 4.77 percent from the previous week’s 4.67 percent. The 30-year was up even more from a year ago, when the average was 4.55 percent.
The jumbo 30-year loan climbed 14 basis points for the week, putting the jumbo-conforming spread at 47 BPS this week versus 43 BPS seven days prior.
