The seasonally adjusted purchase index rose by 1% from the most recent report. On an unadjusted basis, the composite index also fell by 4% week-over-week. The unadjusted purchase index rose 2% for the week and is up 4% year-over-year.
The share of refinancings dropped last week, from 75% to 74%.
The average contract interest rate for a conforming 30-year fixed-rate mortgage fell from 3.79% to 3.76%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.90% to 3.85%. The average interest rate for a 15-year fixed-rate mortgage remained fell from 3.02% to 2.99%.
The contract interest rate for a 5/1 adjustable rate mortgage rose from 2.58% to 2.6%.
A slide in refinancings turned the mortgage applications rate south last week. Slowly rising — although still very low — interest rates get some of the blame. In addition, home refinancings are declining because so many homeowners already have refinanced.
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