Mortgage applications and interest rates down

February 27, 2013 11:00AM

The number of mortgage applications for the week ending February 27, 2013 decreased 3.8 percent on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association announced today. On an unadjusted basis, the Index decreased 3 percent compared with the previous week.

The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier to its lowest level since the week ending December 28, 2012.  But unadjusted, the Purchase Index decreased 2 percent compared with the previous week and was 14 percent higher than the same week one year ago.

The refinance share of mortgage activity held at 77 percent of total applications, remaining at its lowest level since May 2012. 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, decreased slightly to 3.77 percent from 3.78 percent. Interest rates for jumbo loans also decreased to 3.93 percent from 3.94 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans stayed at 3.54 percent, as did 15-year fixed-rate mortgages, which held at 3.03 percent. —Christopher Cameron