During the week ending June 16, total mortgage applications increased 0.6 percent from the previous week, according to the Mortgage Bankers Association.

The Refinance Index increased 2 percent from the previous week to its highest level since November 2016. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier.

The refinance share of mortgage activity increased to 46.6 percent of total applications from 45.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.5 percent of total applications. 

The FHA share of total applications decreased to 10.1 percent from 11.2 percent the week prior. The VA share of total applications decreased to 10.4 percent from 11.1 percent the week prior. The USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.13 percent, with points decreasing to 0.34 from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.08 percent from 4.06 percent, with points increasing to 0.30 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.04 percent from 4.00 percent, with points increasing to 0.35 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40 percent from 3.37 percent, with points increasing to 0.38 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The average contract interest rate for 5/1 ARMs remained unchanged at 3.26 percent, with points increasing to 0.22 from 0.20 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.