The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 3.3% in the group's seasonally adjusted composite index following a rise of 5% for the previous week. Some loan rates rose slightly in the past week, while others decreased slightly.
The seasonally adjusted purchase index decreased by 3% from the last report. On an unadjusted basis, the composite index dropped by 4% week-over-week. The unadjusted purchase index decreased by 4% for the week, and is up about 12% year-over-year.
The MBA's refinance index fell 3% week-over-week.
The share of refinancings remained unchanged at 69%, close to its lowest level in nearly two years. Adjustable rate mortgage loans account for 7% of all applications, unchanged from last week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.15% to 4.17%. The rate for a jumbo 30-year fixed-rate mortgage decreased, from 4.25% to 4.23%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.32% to 3.30%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.78% to 2.81%.
Interest rates continue to rise and to have an impact on new loans. Refinancings remain depressed as interest rates rise, and that is likely to continue unless rates begin falling again.
Filed under: Housing