Refinancing activity dipped 0.2% from the previous week, according to the MBA’s Weekly Mortgage Applications Survey. Refinances made up 62% of all mortgage applications, unchanged from the previous week.
The average interest rate for 30-year fixed-rate mortgages fell to 4.45%, down 2 basis points from the previous week. The interest rate for 15-year fixed-rate mortgages decreased by 4 basis points, to 3.49%.
The MBA survey encompasses over 75% of all U.S. retail residential mortgage applications.