After increasing 2.3% the previous week, mortgage application volume fell 3.7% during the week ended Feb. 10, with applications for refinances decreasing 3% and applications for purchases decreasing 5%, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, total volume decreased 1% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and increased 3% compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 46.9% of total applications – down from 47.9% the previous week to reach the lowest level since June 2009.
Mortgage rates continued to hold steady, relative to the previous two weeks. The average rate for a 30-year, fixed-rate mortgage (FRM) was around 4.32%, down from 4.35% the previous week.
The average rate for a 30-year jumbo FRM was 4.28%, up slightly from 4.27%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.12%, down from 4.16%.
The average rate for a 15-year FRM remained unchanged at 3.55%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.34%, down from 3.39%.
The ARM share of mortgage activity increased to 7.5% of total applications – its highest level since October 2015.
Looking at the government loans, mortgages backed by the FHA represented about 11.9% of all loans – unchanged from the previous week. The Veterans Affairs share of total applications was about 11.8%, down from 12.7%. The U.S. Department of Agriculture share was 1.0%, up from 0.9%.
