The seasonally adjusted purchase index was unchanged from the prior week’s report. On an unadjusted basis, the composite index decreased by 0.4% week-over-week. The unadjusted purchase index decreased by 1% for the week, and remains 11% lower year-over-year.
Adjustable rate mortgage loans accounted for 7.6% of all applications, down from 8% in the prior week.
The MBA’s refinance index decreased by 0.3%, after declining by 7% in the previous week. The share of refinancings remained unchanged at 56% of all applications.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.39% to 4.33%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.30% to 4.28%. The average interest rate for a 15-year fixed-rate mortgage declined from 3.56% to 3.55%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.20% to 3.21%. Rates on a 30-year FHA-backed fixed rate loan dropped from 4.08% to 4.07%.
Home price increases have been slowing down as the housing inventory rises. All-cash sales are dropping as fewer distressed properties come on the market. And because mortgage interest rates remain historically low, first-time buyers are cautiously re-entering the market.
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