The seasonally adjusted purchase index decreased 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 dropped 2% for the week and remains 18% lower year-over-year.
Adjustable rate mortgage loans account for 9% of all applications, an increase of one point.
The MBA’s refinance index decreased by 1%, after rising by 1% in the previous week. The share of refinancings fell to 51% from 52% of all applications.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.47% to 4.49%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.39% to 4.41%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.54% to 3.55%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.15% to 3.16%. Rates on a 30-year FHA-backed fixed rate loan fell to 4.14% from 4.20%.
The MBA also noted that the average loan size for purchase applications has reached its highest level ever at $280,500. This rise coincides with the current trend for purchasing homes that are once again rising in price.
ALSO READ: The Most Expensive House in Detroit
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
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 you build your plan to retire early. 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.