The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a slight increase of 0.2% in the group’s seasonally adjusted composite index following a drop of 3.7% for the previous week. Mortgage loan rates showed little change last week.
The seasonally adjusted purchase index increased by 1% from the last report. On an unadjusted basis, the composite index was unchanged week-over-week. The unadjusted purchase index also increased by 1% for the week, and is up about 8% year-over-year.
The MBA’s refinance index was unchanged after sliding 1% in the previous week.
The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, flat with the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained increased from 4.58% to 4.61%. The rate for a jumbo 30-year fixed-rate mortgage was unchanged at 4.64%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.67% to 3.66%.
The contract interest rate for a 5/1 adjustable rate mortgage loan remained unchanged at 3.39%.
With so little change from a week ago, it is only worth noting that refinancings continue at low levels when compared with the past two years. Unless interest rates make an unlikely move lower, refinancings should remain soft.