After falling 1.7% the previous week, mortgage application volume flattened during the week ended Aug. 30, decreasing just 0.1%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 1% while applications for purchases increased 1%, according to the report.
On an unadjusted basis, total volume fell 2% compared with the previous week. Applications for purchases decreased 2% on an unadjusted basis but were 2% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 38.9% of total applications, up from 38.7% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.1% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on closings, was 4.80%, up from 4.78%.
The average rate for a 5/1 ARM was 4.09%, up from 3.95%.
