Mortgage applications declined 1.4% week-to-week on a seasonally adjusted basis in the latest Mortgage Bankers Association survey.
The MBA’s latest numbers reflect the week ending Sept. 17. During that week, the Refinance index inched down by 0.9% and the Purchase Index dropped 3.3% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the Purchase Index was actually up 18.9% week-to-week, but it was 38% lower than the previous year.
The four-week moving average for the MBA’s overall Market Index was down 2.3%. That average was up 1% for the seasonally adjusted Purchase Index but down 3% for the Refinance Index.
The average contract interest rate for 15-year mortgages dropped to 3.88% during the week ending Sept. 17 from 3.96%, matching a survey-record low last seen Aug. 27. Points, including the origination fee, on 15-year mortgages with 80% loan-to-value ratios decreased to 0.86 from 1.03.
Thirty-year mortgages saw their average rate drop to 4.44% from 4.47% week-to-week. Points, including the origination fee, dropped to 0.81 from 1.08 for mortgages in this category with 80% LTVs.
The average contract rate for one-year adjustable-rate mortgages rose to 6.96% from 6.89%. Points, including the origination fee, for loans in this category dropped to 0.21 from 0.23.
