Mortgage applications fell 1.8% last week while key interest rates rose, the Mortgage Bankers Association said Wednesday.
The MBA’s purchase index, a measure of home purchase applications, declined 1% from a week earlier on a seasonally adjusted basis. In addition, the refinance index fell 2% from the previous seven-day period.
The refinance share of mortgage activity remained unchanged, representing 81% of all mortgage applications filed in the week ending Aug. 3. Meanwhile, the adjustable-rate share of mortgage activity fell to 4% from the previous week.
Interest rates increased somewhat with the 30-year, fixed-rate mortgage with a conforming loan balance rising to 3.76% from 3.75%.
In addition, the average interest rate for a 30-year, FRM with a jumbo loan balance increased to 4.04% from 4.01%, while the contract rate for 30-year, FRMs backed by the FHA grew to 3.54% from 3.52%.
Looking at the 15-year FRM, the average contract interest rate declined to 3.08% from 3.09%. The 5/1 ARM also fell to 2.72% from 2.73%.
