The seasonally adjusted purchase index decreased 2% from the prior week’s report. On an unadjusted basis, the composite index decreased by 1% week-over-week. The unadjusted purchase index decreased by 4% for the week and is now 12% lower year-over-year.
Adjustable rate mortgage loans accounted for 7.8% of all applications, down slightly from 8.0% in the prior week.
The MBA’s refinance index increased by 1%, after rising by 3% in the previous week. The share of refinancings increased from 56% to 57% of all applications, the highest level since March.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage dropped from 4.28% to 4.25%. The rate for a jumbo 30-year fixed-rate mortgage remained unchanged at 4.22%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.47% to 3.48%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.10% to 3.19%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.98% to 3.99%.
House price increases are moderating and that should help boost home sales. Mortgage interest rates remain historically low, even though they are now more than a full point higher than the lows of early 2013.
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