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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.

bswanson@housingwire.com 

 

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