The MBA’s Market Composite Index, which measures loan application volume, fell 1.6% on a seasonally adjusted basis last week. On an unadjusted basis, the index fell 2% from the week before. The Refinance Index decreased 4% from the previous week, and the seasonally adjusted Purchase Index dropped 1%. The unadjusted Purchase Index was essentially unchanged from the week before, and was 14% higher than the same week last year.
Refinance activity was also down, decreasing to 51% of total applications last week from 52% the week before. The adjustable-rate mortgage share of activity held steady at 6.4% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 4.07% last week from the prior week’s average of 4.04%. the average rate for 30-year FRMs with jumbo loan balances rose to 4.06% from the prior week’s average of 4.04%.
The average rate for 5.1 ARMs was also up, rising to 3.04% from last week’s average of 2.99%.
Mortgage applications dropped again last week, according to data from the Mortgage Bankers Association.