Mortgage applications continued their recent seesaw as refinance demand dwindled to another record low, according to the latest data from the Mortgage Bankers Association weekly mortgage applications survey for the week ending Feb. 10.
As a whole, mortgage applications fell 3.7%from one week earlier, compared to a 2.3% increase in the previous report.
Both the Refinance Index and Purchase Index decreased from the previous week, falling 3% and 5%, respectively.
The refinance share of mortgage activity once again hit a record low and decreased to 46.9% of total applications, its lowest level since June 2009. This is compared to 47.9% the previous week.
On the other hand, the adjustable-rate mortgage share of activity increased to 7.5% of total applications, its highest level since October 2015.
The Federal Housing Administration share of total applications remained unchanged at 11.9%from the week prior. The Veteran Affairs share of total applications decreased to 11.8% from 12.7% the week prior. The United States Department of Agriculture share of total applications marginally increased to 1% from 0.9% the week prior.
In addition, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.32% from 4.35%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.28% from 4.27%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.12% from 4.16%, while the average contract interest rate for 5/1 ARMs decreased to 3.34% from 3.39%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.55%.