Mortgage applications decreased 9.6 percent nationwide for the week ending Aug. 26, according to weekly data from the Mortgage Bankers Association released today. Refinancings also decreased 12.2 percent from the previous week.
The refinance share of mortgage activity decreased to 77.8 percent of total applications from 79.8 percent the previous week. The adjustable-rate mortgage share of activity increased week-over-week to 7.1 percent from 6.2 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.32 percent from 4.39 percent, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.49 percent from 3.56 percent.
“Accounting for the increase in average points paid, effective mortgage rates were little changed last week. Refinance application volume declined for a second week from recent highs, despite rates staying near a 10-month low, while purchase volume remained near 15-year lows,” said Mike Fratantoni, MBA’s vice president of research and economics. — Katherine Clarke