According to the new Mortgage Applications Survey from the Mortgage Bankers Association, mortgage applications decreased 0.8 percent from the week prior.
Refinancing activity decreased by 1 percent, while purchase mortgages rose by 20 percent. Refinancing comprised 59.5 percent of all mortgage activity, down from 59.7 percent the previous week. In the meantime, adjustable-rate mortgages comprised 6.7 percent of all mortgage activity.
MBA Mortgage Weekly Survey
Other noteworthy details in the survey included:
- The FHA comprised 13.2 percent of all mortgages, down from 13.7 percent the previous week.
- VA mortgages, meanwhile, saw their share fall to 11.9 percent from 12.3 percent.
- For 30-year FRM of $417,000 or less, interest rates increased to 4.01 percent from 3.98 percent; for mortgages greater than $417,000, rates rose from 3.88 to 3.90 percent.
- For 30-year FRM backed by the FHA, increased to 3.81 percent from 3.80 percent.
- The 15-year fixed-rate mortgages increased to 3.24 percent from 3.22 percent.
- The interest rate for 5/1 ARMs increased to 3.12 percent from 3.03 percent.
The survey covers over 75 percent of all U.S.-based retail residential mortgage applications, and has been conducted on a weekly basis since 1990.