Mortgage application volume decreased 0.4% during the week ended May 4, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 1% compared with the previous week to reach the lowest level since October 2008. Applications for purchases decreased 0.2%.
On an unadjusted basis, total application volume was flat compared with the previous week. Applications for purchases increased 0.4%, on an unadjusted basis, and were 3% higher compared with the same week one year earlier. The refinance share of mortgage activity decreased to 36.3% of total applications, the lowest since September 2008.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.5% of total applications. The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.78%, down from 4.80%.
The average rate for a 5/1 ARM was 4.00%, down from 4.03%.
