The seasonally adjusted purchase index fell by 5% from the previous report. On an unadjusted basis, the composite index dropped by 3% week-over-week. The unadjusted purchase index is down 2% for the week and up 14% year-over-year.
The share of refinancings was unchanged last week at 77%. That is the lowest level since last July.
The average contract interest rate for a conforming 30-year fixed-rate mortgage rose from 3.78% to 3.77%. The rate for a jumbo 30-year fixed-rate mortgage decreased, from 3.94% to 3.93%. The average interest rate for a 15-year fixed-rate mortgage was unchanged at 3.03%.
The contract interest rate for a 5/1 adjustable rate mortgage remained fell from 2.66% to 2.65%.
Mortgage rates fell slightly this week, reversing a pattern of small increases. The decrease in applications is likely the reason for the drop. Applications have been declining for the past few weeks.
Later today we will get data from the Census Bureau on existing home sales. The consensus estimate calls for a rise to the seasonally adjusted annual rate from 4.92 million in January.
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.