The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, decreased 1% on a seasonally adjusted basis from the week prior, hitting its lowest level since April. On an unadjusted basis, the index was down 2%. The Refinance Index decreased 1% last week, and the seasonally adjusted Purchase Index was also down 1%. On an unadjusted basis, the Purchase Index fell 2%.
The refinance share of mortgage activity held steady at 52% of total applications. The adjustable-rate mortgage share was also unchanged at 8% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.33% last week from the previous week’s 4.36%. The average rate for 30-year FRMs with jumbo loan balances fell to 4.28% from the previous week’s 4.32%.
The average rate for Federal Housing Administration-backed 30-year FRMs dropped to 4.03% last week from the previous week’s average of 4.07%. The 15-year FRM fell to 3.47% last week from the prior week’s 3.50%.
The average rate for 5/1 ARMs decreased to 3.23% last week from the prior week’s 3.20%.
Mortgage applications were down 1% last week, according to data released today.