The Mortgage Bankers Association’s Market Composite Index – which measures mortgage loan application volume – decreased 0.2% on a seasonally adjusted basis from the week prior. Those results include an adjustment to account for Martin Luther King Jr. Day. On an unadjusted basis, the index was down 9% from the previous week.
The Refinance Index was down 2% from the previous week, and the seasonally adjusted Purchase Index was up 2%. On an unadjusted basis, the Purchase Idex dropped 3% from the previous week and was down 12% from the same week last year, according to the MBA.
The refinance share of mortgage activity was down last week, dropping to 62% of all mortgage applications from 64% the week before. The adjustable-rate mortgage share was unchanged at 7%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.52% -- the lowest rate since November – from the previous week’s 4.57%. The average rate for 30-year FRMs with jumbo loan balances also hit its lowest mark since November, dropping to 4.47% from the previous week’s 4.57%.
The average rate for Federal Housing Administration-backed 30-year FRMs dropped to 4.18% last week from the previous week’s 4.24%. Average rates for 15-year FRMs dropped to 3.59% from the previous week’s 3.68%.
Average rates for 5/1 ARMs were up, increasing to 3.25% last week from the previous week’s 3.23%.
Mortgage applications decreased 0.2% last week, according to data released today. Fixed rates, meanwhile, continued to drop.