On an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 4% from the week prior. Week over week, the refinance index also decreased by 6%.
The seasonally adjusted purchase index also fell by 3% from the week prior, while the unadjusted purchase index went down by 3% from last week and was 9% higher year over year.
Refi activity went down to 41.1% of total mortgage applications from 41.9% the previous week, hitting its lowest level since September 2008. The adjustable-rate mortgage (ARM) share of total mortgage activity fell to 8.1% of total applications,
The average loan size for purchase applications had a survey high of $322,300.
applications increased to 10.6% of total applications from the prior week’s 10.5%; VA
applications went down to 10.7% from 10.8% last week, and USDA applications stayed the same from the week before at 0.8%.
Commercial real estate steady but future is uncertain say leaders
Mortgage applications see uptick in latest survey
Mortgage applications fell by 4.1% on a seasonally adjusted basis for the week ending May 12, according to the Mortgage Bankers Association's weekly mortgage applications survey.