The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 8.5% in the group’s seasonally adjusted composite index. That followed a drop of 4.1% for the previous week. Mortgage loan rates rose slightly on all by adjustable rate mortgage (ARM) loans.
The seasonally adjusted purchase index decreased by 4% from the prior week’s report. On an unadjusted basis, the composite index decreased by 7% week-over-week. The unadjusted purchase index increased by a slight 0.1% for the week and is 15% lower year-over-year.
ARM loans account for 8% of all applications, unchanged from a week ago.
The MBA’s refinance index decreased by 11%, after declining by 3% in the previous week. The share of refinancings fell by three points to 58% of all applications, the lowest level since last September.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.50% to 4.53%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.45% to 4.47%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.55% to 3.56%.