Mortgage applications retreat after steady climb
Mortgage applications retreated this past week as refinancing and home purchase filings slowed.
The volume fell 7.3% from a week earlier when analyzing the survey period ending May 10, the Mortgage Bankers Association said.
The decline comes after a period of steady increases throughout April and early May.
The refinance index plummeted 8%, after posting an 8% increase a week earlier, the industry trade group said.
Despite the seasonally adjusted purchase index falling 4% from last week, it was 10% higher than the same week a year ago.
The refinance share of overall mortgage activity remained at 76% of total applications.
Similarly, the adjustable-rate mortgage share of activity stayed unchanged at 4% of all mortgage applications.
The average 30-year, fixed-rate mortgage with a conforming loan balance finally posted an increase, elevating to 3.67% from 3.59%, which is the highest level since the week ending April 13, 2013.
Meanwhile, the average 30-year, FRM with a jumbo loan balance inched up to 3.87% from 3.79% last week.
The average contract interest rate for the 30-year, FRM backed by the FHA pulled up to 3.43% compared to 3.35% the previous week.
Recovering from the lowest rates in the history of the survey, both the 5/1 ARM and the 15-year, FRM escalated to 2.55% and 2.88%, from 2.53% and 2.81%, respectively.