Mortgage applications down as rates climb

The number of mortgage applications for the week ending February 13, 2013 decreased 6.4 percent on a seasonally adjusted basis from the previous week, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index decreased 5 percent compared with the previous week.

The Refinance Index decreased 6 percent from the previous week. The seasonally adjusted Purchase Index decreased 10 percent from one week earlier, reaching its highest level since the week ending May 7, 2010. Unadjusted, the Purchase Index decreased 4 percent compared with the previous week and was 15 percent higher than the same week one year ago.

The refinance share of mortgage activity held at 78 percent of total applications. The adjustable-rate mortgage share of activity also held at 4 percent of total applications.

Interest rates for 30-year fixed-rate loans with conforming balances, continuing an upward trend for eight of the last nine weeks, increased to 3.75 percent from 3.73 percent, the highest rate since September 2012. Interest rates for jumbo loans also increased to 3.98 percent from 3.96 percent, the highest rate since September 2012. Rates for Federal Housing Administration-backed 30-year fixed-rate loans stayed at 3.53 percent from the previous week, while 15-year fixed-rate mortgages increased to 3.01 percent, the highest rate since September 2012, from 3 percent. —Christopher Cameron