WASHINGTON–Mortgage applications decreased 3.3% week over week in the latest data released by the Mortgage Bankers Association. The slowdown came even as loan rates decreased on all loan types at the same time, the MBA said.
On an unadjusted basis, the composite index decreased by 3% week over week. The seasonally adjusted purchase index decreased by 1% compared with the week ended March 11. The unadjusted purchase index decreased by 1% for the week and is now 25% higher year over year, according to the MBA.
Meanwhile, the MBA’s refinance index decreased by 5% week over week, and the percentage of all new applications that were seeking refinancing fell from 55% to 53.9%.
Adjustable rate mortgage loans accounted for 4.9% of all applications, unchanged from the previous week, the MBA said.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 3.94% to 3.93%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.86% to 3.85%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.22% to 3.18%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.23% to 3.13%. Rates on a 30-year FHA-backed fixed-rate loan fell from 3.77% to 3.74%.