Mortgage application volume decreased 4.1% on a seasonally adjusted basis during the week ending Feb. 14 compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume decreased 2%.
Refinances also continued to decline – dropping 3% compared to the previous week. The refinance share of mortgage activity decreased to 61% of total applications from 62% the previous week.
The Purchase Index – an indicator of incoming volume – decreased about 6%, on an adjusted basis, compared to a week earlier to reach its lowest level since September, 2011. On an unadjusted basis, the Purchase Index decreased 2% compared with the previous week and was 17% lower than the same week one year ago.
The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.50% for the week ending Feb. 14 – up from 4.45% the week prior.
The average rate for a 30-year FRM with a jumbo loan balance (greater than $417,000) increased to 4.45% from 4.40%, according to the MBA's data.
The average rate for a 30-year FRM backed by the Federal Housing Administration increased to 4.16% from 4.13%.
The average rate for a 15-year FRM increased to 3.55% from 3.49%.
The average rate for a 5/1 adjustable rate mortgage (ARM) increased to 3.20% from 3.11%.
The ARM share of activity increased to 8% of total applications.
All rates are based on closings.