The Mortgage Bankers Association's seasonally adjusted purchase index decreased 11.7% from last week, bringing new mortgage applications to their lowest level since December 2000.
The Market Composite Index, a measure of mortgage loan application volume, increased 3.2% on a seasonally adjusted basis from one week earlier.
The increase was due to the refinance index's increase of 11.3% from the previous week.
The refinance share of mortgage activity increased to 71.5% of total applications from 66.1% the previous week. This refinance share is the highest share since May of this year, when the 30-year fixed-rate mortgage rate was around 4.7%, close to the historical low of the survey. The adjustable-rate mortgage share of activity decreased to 5.5% from 6.1% of total applications from the previous week.
SOURCE: Mortgage Bankers Association