Mortgage application volume fell back down to earth this week, sliding 15.1 percent on a seasonally adjusted basis from a week prior, the MBA said today.
On an unadjusted basis, the home loan app index decreased 22.6 percent compared with the previous week, but was still 9.8 percent higher compared with the same week a year ago.
The slide was led by a 19.1 percent decrease in refinance activity and mild pullbacks in purchase applications.
The refinance share of mortgage activity fell to 69.7 percent of total applications, down from 74.2 percent a week earlier as mortgage rates inched up.
The benchmark 30-year fixed-rate mortgage increased to 5.07 percent from 4.99 percent, while the 15-year fixed rose five basis points to 4.71 percent.
The out-of-style one-year adjustable-rate mortgage averaged 6.13 percent, up from 6.10 percent a week earlier.
The ARM-share of mortgage activity increased to 1.9 percent from 1.7 percent of total applications from a week earlier.
The MBA’s weekly survey, conducted since 1990, covers roughly half of all retail, residential loan applications.
It does not however, take into account declined applications, or the fact that applicants may be submitting multiple applications to several different mortgage lenders.
Also keep in mind that the retail share of mortgage lending has increased sizably as a result of the near extinction of wholesale lending.
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