The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decline of 13.5% in the group’s seasonally adjusted composite index following a rise of 1.3% for the previous week. Mortgage loan rates increased across the board last week.
The seasonally adjusted purchase index decreased by 3% from the last report. On an unadjusted basis, the composite index fell by 23% week-over-week. The unadjusted purchase index decreased by 14% for the week, but is up about 7% year-over-year.
The MBA’s refinance index fell by 20% after rising by 2% in the previous week.
The share of refinancings fell from 61% to 57%. Adjustable rate mortgage loans account for 7% of all applications.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.73% to 4.8%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.71% to 4.84%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.75% to 3.83%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.49% to 3.59%.
Mortgage rates rose again this week after falling slightly in the prior week. That pushed the percentage of refinancings to its lowest level since April 2010. The interest rate on jumbo loans, which had fallen below the interest rate for a conforming loan in the prior week, returned to its higher level.
Purchase applications remain higher than they were a year ago even though the week-over-week drop in applications when adjusted to account for the Labor Day holiday slipped sharply.
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