The week prior to this saw an increase in activity attributed to demand held in check by Hurricane Sandy.
The Refinance Index decreased 3% from the previous week, while the seasonally adjusted Purchase Index increased 3%. The unadjusted Purchase Index was 6% lower than the same week one year ago. The market share of refi apps remained at 81%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased by two basis points from the previous week to 3.54%, while the average contract interest rate for 30-year FHA-insured loans rose two basis points to 3.36%.
Bucking the trend was the rate for 30-year FRMs with jumbo loan balances, which declined seven basis points to 3.76%.
The average contract interest rate for 15-year FRMs rose one basis point to 2.89%. The rate for the 5/1 ARM was up two basis points to 2.62.