The MBA’s Market Composite Index decreased 11.2% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index dropped 11% from the previous week. The Refinance Index was down 15% from the previous week, and the seasonally adjusted Purchase Index dropped 3%. On an unadjusted basis, the Purchase Index also dropped 3% from the previous week, but was still 12% higher than the same week last year.
The refinance share of mortgage activity fell to 61.1% of total applications from 64.2% the prior week. The adjustable-rate mortgage share also dropped, falling to 4.7% of total applications. The FHA
shares of total applications, meanwhile, rose to 10.1% and 11.9%, respectively.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.69% last week from 3.65% the week before. Average rates for 30-year FRMs with jumbo loan balances rose to 3.67% from the prior week’s 3.66%. Average rates for FHA-backed FRMs were also up, increasing to 3.56% from the prior week’s 3.53%.
The average interest rate for 5/1 ARMs rose to 2.96% from 2.86% the week prior.
Mortgage applications took an 11.2% tumble last week from the week prior as rates rose and both purchase and refi applications dropped, according to new data from the Mortgage Bankers Association.