On an unadjusted basis, the composite index decreased by 37% week-over-week. The seasonally adjusted purchase index decreased 5%, compared to the week ended December 19. The unadjusted purchase index fell by 33% for the week and remains 8% lower year-over-year.
Adjustable rate mortgage loans accounted for 4.9% of all applications, down from 6.5% in the prior week.
The MBA’s refinance index dropped 12% week-over-week, and the percentage of all new applications that were seeking refinancing rose from 63% in the prior week to 65%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.04% to 4.01%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.05% to 3.99%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.32% to 3.22%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.26% to 3.19%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.82% to 3.81%.
Interest rates were compared to rates for the prior week only, not calculated on a two-week basis as index scores were.
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