MBA: Mortgage Applications Fell 4.1%

After increasing slightly last week, mortgage application volume fell 4.1% on an adjusted basis during the week ended May 12, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances fell 6%, while applications for purchases decreased 3%.

On an unadjusted basis, total volume decreased 4% compared with the previous week. Applications for purchases decreased 3% on an unadjusted basis but increased 9% compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 41.1% of total applications – the lowest level since September 2008.

The adjustable-rate mortgage share of activity decreased to 8.1% of total applications.

The average loan size for purchase applications reached a survey high of $322,300.

The average contract interest rate for a 30-year, fixed-rate mortgage remained unchanged at 4.23%.


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