Mortgage applications continue to sink
Mortgage applications continued to sink, dropping 1.7% from last week according to data from the Mortgage Bankers Association.
The refinance share of mortgage activity decreased to 77% of total applications, the lowest level since May 2012, from 78% the previous week. The adjustable-rate mortgage share of activity increased to 4% of total applications.
Following the rise from previous weeks, the average interest rate for a 30-year fixed-rate mortgage with a conforming loan balance rose to 3.78%, the highest rate since August 2012.
This is up from 3.75% from a week earlier.
Additionally, the 30-year FRM with a jumbo loan balance dropped from 3.98% to 3.94%, while the 30-year FRM backed by the FHA increased to 3.54% from 3.53% the week before.
The 15-year, FRM increased from 3.01% to 3.03%, which is the highest rate since September 2012.
The average 5/1 ARM remained unchanged from the decline last week and stayed at 2.66%.