The Mortgage Bankers Association's (MBA) Market Composite Index, a measure of mortgage loan application volume, decreased 4.4% on a seasonally adjusted basis last week as compared to one week prior.
The MBA notes that while its refinance index decreased 5.9% from the previous week, the seasonally adjusted purchase index increased 2%, bringing it to its highest level since the end of June.
The refinance share of mortgage activity decreased to 78% of total applications from 79.4% the previous week. The adjustable-rate mortgage share of activity increased to 5.7% from 5.2% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69% from 4.59%, with points decreasing to 0.88 from 1.04 (including the origination fee) for 80% loan-to-value ratio loans, the MBA reports.Â
The MBA survey covers over 50% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.
SOURCE: Mortgage Bankers Association