The MBA’s Market Composite Index, which measures loan application volume, was down 0.2% on a seasonally adjusted basis from the week before.
On an unadjusted basis, the index was down 1%. The Refinance Index was up 0.1% from the previous week, and the seasonally adjusted Purchase Index was down 1%. On an unadjusted basis, the Purchase Index was also down 1% and 16% lower than the same week a year ago.
The refinance share of mortgage activity rose to 53% of total applications last week from the previous week’s 52%. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.28% last week from the prior week’s average of 4.33%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.26% from the previous week’s 4.28%.
The average rate for Federal Housing Administration-backed 30-year FRMs fell to 3.99% from 4.03%, and the rate for 15-year FRMs fell to 3.42% from the prior week’s average of 3.47%.
The average rate for 5/1 ARMs fell to 3.21% from 3.23%.
Mortgage applications were down last week despite a drop in rates, according to data from the Mortgage Bankers Association.