MBA said weekly mortgage applications rose 0.04% as purchase demand offset weaker refinancing, while separate Optimal Blue data showed 30-year conforming rates near 6.45% on July 2.
U.S. mortgage demand was essentially unchanged in the latest Mortgage Bankers Association survey, with total applications up 0.04% in the week ending June 26 as purchase applications rose 1% and refinance applications fell 1%. MBA said the average contract rate for a 30-year fixed conforming mortgage eased to 6.57% from 6.59%, while separate Optimal Blue data reviewed by Fortune showed the average 30-year fixed conforming rate at 6.452% on July 2 for loans locked on June 30, up about 3 basis points from the prior day but lower than a week earlier. ARM usage fell to 7.6% of applications, the lowest share since January, as borrowers pulled back from riskier adjustable-rate loans.