Mortgage application volume fell for the third straight week to its lowest level since December, declining by a seasonally adjusted 19.2 for the week ending February 22, according to the latest survey from the Mortgage Bankers Association.
On an unadjusted basis, mortgage application volume decreased a hefty 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier.
Refinance activity plunged again last week, with the Refi Index falling 30.4 percent from the previous week, after registering a 27.9 percent decline two weeks ago.
The only saving grace was the Purchase Index, which rose a slight 0.2 percent from one week earlier.
The refinance share of total applications fell to just 52 percent, down from 61.7 percent a week ago, and way off the 73 percent share it claimed in late January.
But it’s no surprise that refinances are out of favor, as interest rates continue to surge higher.
The average 30-year fixed mortgage increased to 6.27 percent last week, up from 6.09 percent a week earlier, while the 15-year jumped to 5.77 percent from 5.55 percent.
The one-year adjustable-rate mortgage also worsened, averaging 5.84 percent last week, up from 5.72 percent.
Despite that, the ARM share of total applications increased to 15 percent from 12.8 percent the previous week.
(photo: mykl roventine)
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