Mortgage applications down 1% last week
Mortgage applications declined 1% in the past week on fewer home purchases, the Mortgage Bankers Association said Wednesday.
The trade group's market composite index shows the loan application volume falling for the week ended Feb. 10 as the seasonally adjusted purchase index declined 8.4% from the previous week.
The refinance index rose 0.8% and refinancings represented 81.1% of all home loan applications.
The average loan size rose to $226,000 from $225,000 in December and $207,000 in January 2011.
Mortgages for properties in Washington, D.C., had the highest average loan size of $375,000, compared to the lowest size of $143,000 in Indiana.
The MBA says the the average 30-year, fixed-rate mortgage increased to 4.08% from 4.05% the previous week. The 30-year, FRM with a jumbo loan balance rose to 4.3% from 4.29% a week earlier.
In addition, the average 30-year, fixed-rate mortgage backed by the FHA declined to 3.87% from 3.89%.
The 15-year FRM remained unchanged at 3.33%, and the 5/1 ARM increased to 2.93% from 2.91%.