After decreasing 4.1% the previous week, mortgage application volume fell 6.6% on an adjusted basis during the week ended Feb. 16, as rates continued their upward march, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances fell 7% while applications for purchases fell 6% compared with the previous week.
On an unadjusted basis, total volume fell 3% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and were 3% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 44.4% of total applications.
The adjustable-rate mortgage (ARM) share of activity increased to 6.4% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.64%, up from 4.57% the previous week to reach the highest level since January 2014.