The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, was down 3.3% on a seasonally adjusted basis last week. On an unadjusted basis, the index fell 3% from the week prior. The Refinance Index was down 4%, while the seasonally adjusted Purchase Index was down 3%. On an unadjusted basis, the Purchase Index was down 2% from the previous week.
Meanwhile, the average loan size for purchase loans rose to $280,500, the highest in the history of the MBA survey. The refinance share of mortgage activity dropped to 51% of total applications from the previous week’s 52%. After weeks of holding steady at 8%, the adjustable-rate mortgage share rose to 9%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 4.49% last week from the previous week’s 4.47%. The average rate for 30-year FRMs with jumbo loan balances rose to 4.41% from the prior week’s 4.39%. The average rate for 15-year FRMs was also up, increasing from 3.54% to 3.55%.
The average interest rate for 5/1 ARMs crept up to 3.16% from the previous week’s 3.15%.
Mortgage applications were down last week, while the average loan size for purchase applications rose to a record amount, according to data released today.