Mortgage applications declined by almost 5% on a seasonally adjusted basis for the week ending Feb. 17, as refinancings declined and rates on fixed-rate loans began to increase, according to figures compiled by the Mortgage Bankers Association.
The refi share of the market fell slightly to 80.1% from 81.1% the week prior. Meanwhile, MBA's seasonally adjusted Purchase Index declined 2.9%.
The average contract interest rate for a 30-year FRM with a conforming loan balance ($417,500 or less) increased by one basis point to 4.09%. However, FHA FRM rates remained a bit lower at 3.87%.
The rate for 30-year FRMs with jumbo loan balances rose two basis points to 4.32%. The average contract interest rate for 15-year FRMs increased by five basis points to 3.38%.
