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Mortgage applications decline 2.3% as refis drop off

home loans chalk

Mortgage applications fell 2.3% this past week as home purchase activity picked up and refinancing activity cooled, an industry trade group said Wednesday.

The Mortgage Bankers Association weekly mortgage applications survey shows the refinance index falling 7%, while the purchase index increased 6% from a week earlier.

Refinancing activity made up less of the total application volume, declining to 64% of total apps, down from 68% from the previous survey. Adjustable-rate mortgage activity, meanwhile, held steady, representing 7% of total application volume.

The 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.46% from 4.44%, while the 30-year, FRM with a jumbo loan balance declined to 4.47% from 4.48%.

The 30-year, FHA rate also ticked down to 4.14% from 4.16%, while the 15-year FRM stayed unchanged at 3.52%.

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