The MBA’s Market Composite Index – which measures loan application volume – dropped 1.2% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index was down 1%. The Refinance Index dropped 3%, and the seasonally adjusted Purchase Index was up 1%. The unadjusted Purchase Index was also up 1% from the previous week, but down 17% compared to the same week a year ago.
The refinance share of mortgage activity was down for the eighth straight week, dropping to 53% of total applications from 54% the week prior. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances held steady last week at 4.56%. The average rate for 30-year FRMs with jumbo loan balances rose to 4.46% from 4.45%.
The average rate for 15-year FRMs was unchanged at 3.62%.
The average rate for 5/1 ARMs jumped to 3.25% from the previous week’s 3.22%.
Mortgage applications were down last week, according to data from the Mortgage Bankers Association.