Mortgage Apps Decreased Last Week
On an unadjusted basis, the index decreased 5.2% compared with the previous week and was up 9.8% compared with the same week one year earlier.
The Refinance Index decreased 5.0% from the previous week and the seasonally adjusted Purchase Index decreased 2.0%.
The refinance share of mortgage activity increased to 50.3% of total applications from 50.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 15.8 from 15.5% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.18% from 6.19%, with points decreasing to 1.01 from 1.16 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.71 from 5.77%, with points decreasing to 1.12 from 1.13 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs remained unchanged at 5.98%, with points decreasing to 0.89 from 0.93 (including the origination fee) for 80% LTV loans.