Refis were up last week, but mortgage applications were down slightly after a comeback the week before, according to data released Wednesday by the Mortgage Bankers Association.
The MBA Markey Composite Index, which measures mortgage application volume, fell 0.4% on a seasonally adjusted basis last week. On an unadjusted basis, the index fell 1% from the previous week.
The refinance share of mortgage activity spiked to 63% of total applications last week, up from the previous week’s 61%. The adjustable-rate mortgage share decreased to 6% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) hit its lowest level since June, falling to 4.49% from 4.62% the previous week. The average rate for 30-year FRMs with jumbo loan balances hit 4.53%, also its lowest level since June. Meanwhile, the average rate for 30-year FRMs backed by the Federal Housing Administration fell to 4.21% from 4.32% the week prior.
The average rate for 5/1 adjustable-rate mortgages decreased to 3.26% from the previous week’s 3.39%.