The weekly Mortgage Application Index fell 3.6 percent last week on a seasonally adjusted basis to 707.3. On an unadjusted basis, the index declined 5.2 percent compared to the previous week, but was up 9.8 percent compared with the same week last year.
The index prepared by the Mortgage Bankers Association reflected an overall decline in new buyer and refinancing activity. The Purchase Index decreased 2.0 percent. The Refinance Index fell 5 percent, although the refinance share of mortgage activity increased slightly to 50.3 percent of total applications to 50.3.
Average mortgage rates were down slightly:
– 30-year fixed-rate mortgages decreased to 6.18 percent from 6.19 percent
– 15-year fixed-rate mortgages decreased to 5.71 from 5.77 percent
– 1-year ARMs remained unchanged at 5.98 percent
Source: Mortgage Bankers Association