Mortgage application volume fell slightly during the week ended April 20, as the average contract interest rate for a 30-year fixed-rate mortgage climbed to its highest level since September 2013.
According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, total mortgage application volume decreased 0.2% on a seasonally adjusted basis relative the previous week.
Applications for refinances decreased 0.3% while applications for purchases were flat compared with the previous week.
On an unadjusted basis, total volume increased 1% compared with the previous week. Applications for purchases – which are now the focus for mortgage bankers – The unadjusted increased 1% compared with the previous week on an unadjusted basis and were 11% higher compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 37.2% of total applications, the lowest level since September 2008, according to the MBA.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.73%, up from 4.66%.
The average rate for a 5/1 adjustable-rate mortgage was 3.98%, up from 3.94% to reach the highest level since February 2011.
