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Rates Edge Up, Activity Edges Down

Mortgage News

A bump in mortgage rates slowed down new loan inquiries. But purchase activity held up better than refinances.

At 233, the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended June 17 was lower than 243 the previous week. The index was also down from 257 during the same week last year.

FHA inquiries were off 3 percent, while conventional activity declined 4 percent.

A 1 percent drop was recorded for new purchase activity, and refinance volume fell 7 percent. Refinance share, meantime, narrowed to 53 percent from 54 percent seven days prior.

The share of borrowers who chose to go with an adjustable-rate mortgage declined to 10.22 percent from 10.52 percent last week. New ARM inquiries were off 8 percent from a week earlier.

As the conforming 30-year fixed-rate mortgage rose nearly 4 basis points this week, the jumbo 30-year mortgage was up just 2 BPS. The resulting jumbo-conventional spread was trimmed to 50 BPS from last week’s 52 BPS.

The spread between the conforming 15-year mortgage and 30-year mortgage inched down to 82 BPS from 83 BPS a week ago.

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