On an unadjusted basis, the composite index increased by 12% week-over-week. The seasonally adjusted purchase index decreased 0.2%, compared to the week ended February 20. The unadjusted purchase index rose by 14% for the week and is now 0.2% lower year-over-year.
The MBA’s refinance index increased 2.2% week-over-week, and the percentage of all new applications that were seeking refinancing remained unchanged at 62%.
Home buying is not usually a wintertime activity, and that is true this winter as well. Mortgage applications, whether for new purchases or refinancings, have been slipping for the past several weeks. This week’s slight increase is very likely just a temporary bounce.
Adjustable rate mortgage loans accounted for 5.4% of all applications, up from 5.2% in the prior week.
The FHA share of all applications slipped from 15.3% a week ago to 14.6%, and the VA share increased from 9.6% to 9.8%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.99% to 3.96%. The rate for a jumbo 30-year fixed-rate mortgage declined from 4.09% to 3.95%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.28% to 3.27%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.28% to 3.05%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.82% to 3.76%.
ALSO READ: Home Prices Remain Compressed in Nevada, Florida, Rhode Island
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