By MarketWatch
The total number of mortgage applications filed in the U.S. last week fell 23% from the prior week as interest rates continued to climb, the Mortgage Bankers Association said Wednesday.
On a seasonally-adjusted basis that includes an adjustment for the July 4
holiday, the market composite index fell 4% from a week earlier,
according to the weekly survey covering more than three-quarters of all
U.S. residential-mortgage applications. MBA also reported the refinance
index slipped 4% from a week earlier while the seasonally adjusted
purchasing index was down 3% from the prior week.
Interest rates have increased in recent weeks amid stronger economic data, curbing some individuals' appetite to buy a new home.
The share of applications filed to refinance existing mortgages totaled
64%, while adjustable-rate mortgages, or ARMs, made up 7% of total
applications. The Home Affordable Refinance Program's share of refinance
applications rose to 35% from 34% in the prior week.
The average rate on 30-year fixed-rate mortgages with conforming loan
balances climbed to 4.68%, the highest rate since July 2011, from the
prior week's 4.58%. Rates on similar mortgages with jumbo-loan balances
rose to 4.86%, also the highest level since July 2011, from 4.68% a week
earlier. The average rate on 30-year fixed-rate mortgages backed by the
Federal Housing Administration increased to 4.37%, the highest rate
since September 2011, from 4.27% a week earlier.
The average rate for 15-year fixed-rate mortgages climbed to 3.76%, the
highest level since July 2011, from 3.64% a week earlier. The 5/1 ARM
average rate rose to its highest level since May 2011, rising to 3.4%
from 3.33% in the prior week.
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