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Mortgage applications fall in weekly survey


Mortgage applications declined last week as home-purchase activity ran behind last year’s pace for the first time since August, the Mortgage Bankers Association (MBA) reported.

MBA’s adjusted composite index decreased 2.5 percent. The refinance index was down by 4 percent, and the adjusted purchase index decreased by 2 percent.

The overall refinance share decreased by 0.4 percent to 39.8 percent.

"Purchase applications may have been adversely impacted by the recent uptick in rates and the significant stock market volatility we have seen the past couple of weeks,” said Joel Kan, MBA’s associate vice president of economic and industry forecasts. The share of adjustable rate mortgage applications increased to the highest level since 2017. Kan said that boost doesn’t suggest a spike in ARMs, however. Basically, there was a greater decline in the number of fixed-rate mortgages than in ARMs in the weekly survey, thus boosting the adjustable-rate share within the overall index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 5.11 percent, with points decreasing to 0.50 from 0.52, MBA reported. 


 

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