Mortgage applications fall 4.6%
Filing volumes continue their downward spiral
Mortgage application filings continued their downward trend for the week ending Aug. 16, falling 4.6% from the last report, the Mortgage Bankers Association said Wednesday.
Additionally, the refinance index fell 8% from the prior week, while the purchase index edged up 1%.
Overall, the refinance share of mortgage activity edged down to 62% of total applications.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan rose to 4.68% from 4.56%.
Furthermore, the 30-year, FRM jumbo climbed to 4.74% from 4.57% last week.
The average 30-year, FRM backed by the FHA also jumped to 4.40% from 4.25%.
Meanwhile, the 15-year, FRM rose to 3.71% from 3.60%, and the 5/1 ARM inched up to 3.44% from 3.36% a week ago.