The Mortgage Bankers Association reported that its total Mortgage Applications Index fell 2.4% (+34.2% y/y) during the week ending July 5 after the prior week's 0.1% dip. The decline reflected a 6.5% drop (+87.8% y/y) in applications to refinance an existing loan. Purchase applications rose 2.3% (5.5% y/y) after 1.1% gain.

The effective interest rate, which includes points, on a 15-year fixed-rate mortgage held steady w/w at 3.50%. That compared to a high of 4.71% early in November 2018. The effective rate on a 30-year fixed-rate loan was little-changed w/w at 4.15% and remained below the November high of 5.33%. The effective rate on a 30-year Jumbo mortgage gained slightly w/w to 4.11%. It remained below the October peak of 5.09%. The rate on an adjustable 5-year mortgage rose to 3.67%. It's recent high was 4.52% averaged last October.

The average mortgage loan size declined w/w to $327,400 (+11.9% y/y) and remained below the record of $381,700 in late-March. For purchases, the average loan size rose to $324,300 (4.7% y/y). The average loan size for refinancings fell to $330,600 (+26.7% y/y). These series date back to 1990.

Applications for fixed-rate loans rose by more than one-third y/y, while adjustable rate loan applications gained 11.8% y/y.

The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.