NEW YORK - Mortgage application volume rose 1.3% in the week ended June 1, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The Refinance Index gained 2% and the purchase index “decreased slightly,” the MBA said.
Refinance accounted for 78% of volume, up from 77% a week earlier, while adjustable-rate mortgages “remained at about 5% of total applications.”
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.87%, the lowest rate in the history of the survey, from 3.91%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.20%, the lowest rate in the history of the survey, from 3.23%.