On an unadjusted basis, the composite index decreased by 12% week-over-week. The seasonally adjusted purchase index increased 5% compared to the week ended February 13. The unadjusted purchase index fell by 2% for the week and is now 2% lower year-over-year.
Home buying action is typically slow in January and February due to wintry weather. Home price increases have fallen sharply year-over-year, as Tuesday’s Case-Shiller home price index indicated. Interest rates are rising, likely in an effort to attract bond investors.
Adjustable rate mortgage loans accounted for 5.2% of all applications, down from 5.3% in the prior week.
The MBA’s refinance index decreased 8% week-over-week, and the percentage of all new applications that were seeking refinancing declined from 66% in the prior week to 62%.
The FHA share of all applications rose from 15.2% a week ago to 15.3%, and the VA share decreased from 8.0% to 9.6%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.93% to 3.99%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.92% to 4.09%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.24% to 3.28%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.09% to 3.28%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.73% to 3.82%.
ALSO READ: Homebuilders Are a Surprise for 2015: 5 Stocks to Buy Now
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.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.