After increasing for three consecutive weeks, mortgage application volume decreased 2.6% on an adjusted basis during the week ended Jan. 26, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 3% while applications for purchases decreased 3%.
On an unadjusted basis, total volume increased 12% compared with the previous week.
Applications for purchases increased 15% on an unadjusted basis and were 10% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 47.8% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 5.7% of total applications.
The average rate for a 30-year fixed-rate mortgage was about 4.41%, up from 4.36%.