The seasonally adjusted purchase index increased 4% from the prior week’s report. On an unadjusted basis, the composite index decreased by 19% week-over-week. The unadjusted purchase index decreased by 17% for the week, and it remains 10% lower year-over-year.
Adjustable rate mortgage loans accounted for 8% of all applications, unchanged from previous weeks.
The MBA’s refinance index increased by 0.1%, after falling by 1% in the previous week. The share of refinancings dropped from 53% to 52% of all applications.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.28% to 4.32%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.26% to 4.24%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.42% to 3.40%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.21% to 3.24%. Rates on a 30-year FHA-backed fixed rate loan increased from 3.99% to 4.02%.
The holiday weekend put a real crimp in mortgage applications last week, even though the number rose on a holiday-adjusted basis. The slight rise in mortgage loan rates did not help either. On an adjusted basis, last week’s composite index increase put a stop to a month-long string of decreases.
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