The Market Composite Index, which measures mortgage loan application volume, dipped 4.7 percent. Similarly, the Refinance Index decreased 5 percent from the previous week to its lowest level since Dec. 2014.
The seasonally unadjusted Purchase Index decreased 4 percent from a week ago, and the unadjusted Purchase Index decreased 5 percent.
The refinance share of mortgage activity decreased to 48.9 percent of total applications, from 49 percent the previous week, while the adjustable-rate mortgage (ARM) share of activity remained still at 7 percent of total applications.
At the same time, mortgage rates have increased. The average contract interest rate for 30-year fixed rate mortgages with conforming loan balances ($417,000 or less) increased 4.26 percent, the highest level since Oct. 2014. Also, the average contract interest rate for 30-year fixed rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.21 percent, another eight-month high.