After increasing slightly the previous week, mortgage application volume fell 4.1% on an adjusted basis during the week ended Feb. 9, as the average interest rate for a 30-year, fixed-rate mortgage rose to its highest level since January 2014, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 2%, while applications for purchases decreased 6%.
On an unadjusted basis, total volume decreased 2% compared with the previous week. Applications for purchases decreased 3% and were 4% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 46.5% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 6.3% of total applications.
The average rate for a 30-year fixed-rate mortgage was 4.57%, up from 4.5%.