"The refinance share of mortgage activity decreased slightly to 55.4% of total applications, down from 55.6% the previous week. Mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching higher to its highest level in four weeks at 6.37%, said Joel Kan, MBA's vice president and deputy chief economist. Application activity over the week was lower, with potential homebuyers moving to the sidelines again, although there was a small increase in FHA purchase applications."
"Refinance applications decreased as borrowers remain sensitive to even small increases in rates at this level. The overall average loan size across both purchase and refinance applications dipped to its lowest level since August of this year, driven by another drop in the ARM share. The seasonally adjusted purchase index decreased by 2% from the previous week. The unadjusted purchase index decreased 7% compared with the previous week and was 26% higher than the same week one year ago."
The refinance index decreased 7% from the previous week while remaining 125% higher than the same week one year earlier. The refinance share of mortgage activity fell to 55.4% of total applications. The 30-year fixed mortgage rate rose to 6.37%, the highest in four weeks. Overall application activity declined, with the seasonally adjusted purchase index down 2% and the unadjusted purchase index down 7% week-over-week but up 26% year-over-year. ARM share fell to 7.5% and average loan size dropped to its lowest level since August. FHA, VA, and USDA shares increased, and rates varied across product types.
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