The MBA’s Market Composite Index, which measures loan application volume, dropped 1.2% last week on a seasonally adjusted basis. On an unadjusted basis, the index was down 1% from the previous week. The Refinance Index also dropped 1% last week from the week prior, and the seasonally adjusted Purchase Index dropped 1%.
The refinance share of mortgage activity was down for the sixth straight week, dropping to 56.5% of total applications from the previous week’s 57%. The adjustable-rate mortgage share held steady at 8% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.50% last week from the previous week’s average rate of 4.52%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.39% from the previous week’s 4.41%.
The average rate for 5/1 ARMs fell to 3.09% last week from the previous week’s average rate of 3.18%.
Mortgage applications were down last week, according to data from the Mortgage Bankers Association.