The number of mortgage applications filed in the U.S. fell 4.5% for the week ending Aug. 10, an industry trade group said Wednesday.
The Mortgage Bankers Association noted its market composite index, a measure of loan application volume, fell as both refinancing activity and home purchases declined.
The refinance index alone dropped 5% from the previous week, while the purchase index fell 2%. The refinance share of mortgage activity declined slightly to 81% of all mortgage applications.
While applications fell, rates experienced various changes, with some going up and others falling from the previous week.
The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance remained unchanged at 3.76%, while the same rate on jumbo loans fell to 4.03% from 4.04%.
The average contract interest rate for a 30-year, FRM backed by the FHA fell to 3.53% from 3.54%, and the average contract interest rate for a 15-year, FRM grew to 3.12% from 3.08%.
The 5/1 ARM rate increased to 2.73% from 2.72%.
