Applications as a whole decreased, with the MBA’s Market Composite Index dropping 1% on a seasonally adjusted basis from the prior week. The Refinance Index dropped 3% from the previous week, while the seasonally adjusted Purchase Index increased 2%. On an unadjusted basis, the Purchase Index rose 3% week over week and was 21% higher than the same week last year, according to the MBA.
The refinance share of mortgage activity dropped to 52.4% of total mortgage applications this week from last week’s 53.9%. The adjustable-rate mortgage share held steady at 4.9% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances crept upward to 3.94% from last week’s 3.93%. The average rate for 30-year FRMs with jumbo loan balances, meanwhile, decreased from 3.85% to 3.82%.
The average rate for loans backed by the Federal Housing Administration increased to 3.76% from the previous week’s 3.74%.
Average rates for 5/1 ARMs were down, dropping from 3.13% to 3.07%, according to the MBA.
Refinancing applications were down while purchase applications rose this week, according to new data from the Mortgage Bankers Association.