The refinance index decreased 4% from the previous week and remained 19% higher than the same week one year ago. The refinance share of mortgage activity decreased to 45.3% of total applications from 46.1% the previous week. The seasonally adjusted purchase index increased 2% while the unadjusted purchase index decreased 0.1% and was 25% higher than the same week one year ago. Mortgage rates inched higher, with the 30-year fixed-rate up to 6.69%, prompting a pullback in refinance applications. Purchase applications rose 2% and the average loan size reached $433,400. ARM share fell to 8.4%; FHA remained 19.1%; VA and USDA slipped to 13.3% and 0.5%. Jumbo 30-year rates rose to 6.67%, FHA 30-year fell to 6.35%, 5/1 ARMs decreased to 5.94%, and 15-year fixed rose to 6.03%.
The refinance index decreased 4% from the previous week and remained 19% higher than the same week one year ago. The refinance share of mortgage activity also decreased to 45.3% of total applications from 46.1% the previous week. The seasonally adjusted purchase index increased 2% from one week earlier. The unadjusted purchase index decreased 0.1% compared with the previous week and was 25% higher than the same week one year ago.
Mortgage rates inched higher for the second straight week, with the 30-year fixed-rate up to 6.69%. While this was not a significant increase, it was enough to cause a pullback in refinance applications, said Joel Kan, MBA's vice president and deputy chief economist. Purchase applications had their strongest week in over a month, up 2%, and the average loan size increased to its highest level in two months at $433,400.
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