The seasonally adjusted purchase index increased by 3% from the prior week’s report. On an unadjusted basis, the composite index decreased by 3% week-over-week. The unadjusted purchase index rose 3% for the week, but is 17% lower year-over-year.
Adjustable rate mortgage loans account for 8% of all applications, unchanged from a week ago.
The MBA’s refinance index decreased by 8%, after declining by 1% in the previous week. The share of refinancings fell for the seventh consecutive week to 54% of all applications, the lowest level since April 2010.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.50% to 4.56%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.39% to 4.45%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.52% to 3.62%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.09% to 3.22%, its highest level since January.
Refinancing continues to slide and is now down 72% from levels of May 2013, when 76% of loan applications came from home owners wanting to refinance mortgages. Mortgage interest rates, though about 1% higher than a year ago, remain historically low for home buyers. But rising home prices are making it difficult for first-time buyers to enter the market.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.