Mortgage applications fell 2.1% last week, the Mortgage Bankers Association said Wednesday.
The trade group’s results were adjusted for the July 4th holiday.
The refinance index alone declined 3% from the previous week, while the purchase index increased 3%, suggesting an uptick in home buying activity while refinancings cooled.
The refinance share of mortgage activity declined to 77% of total applications, while the adjustable-rate mortgage share of activity remained around 4% of all applications.
The average loan size of all loans purchased hit $240,897 in June, down from $243,722 in May. Meanwhile, the average loan size under refinancing hit $218,619, down from $243,733 the previous month.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance of $417,500 or less declined to 3.79%, the lowest rate in the survey’s history. In addition, the average contract interest rate for the 30-year, fixed-rate mortgages with a jumbo loan balance declined from 4.08% to 4.05%.
The average rate for 30-year, FRM’s backed by the FHA declined from 3.69% to 3.63%. Meanwhile, the 15-year, FRM fell from 3.20% to 3.15%, and the average rate for 5/1 ARMs declined from 2.76% to 2.71%.