Mortgage application volume slipped 1.5 percent on a seasonally adjusted basis for the week ending August 8, according to the latest survey from the MBA.
On an unadjusted basis, the home loan application index was down 2.2 percent from the previous week and 36.9 percent from the same week a year earlier.
The fall in apps was led by a 4.2 percent decrease in refinance activity, though FHA loan activity made up for the some of the loss by increasing 2.9 percent.
The refinance share of mortgage activity decreased slightly to 35.2 percent from 35.9 percent as long-term interest rates increased.
The traditional 30-year fixed-rate mortgage climbed to 6.57 percent from 6.41 percent, while the 15-year increased to 6.17 percent from 6.02 percent.
Bucking the trend was the one-year adjustable-rate mortgage, which shed two basis points to average 7.15 percent, though it’s still clearly higher than more favorable fixed-rate options.
The MBA’s survey covers about 50 percent of retail applications, but also includes rejected and double apps in its numbers, which surely have increased of late.
(photo: revdave)
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