Purchase Application Volume at Lowest Level Since February: MBA

Mortgage applications decreased 1.6% from one week earlier, according to the Mortgage Bankers Association.

The MBA's Weekly Mortgage Applications Survey for the week ending May 13 found that the seasonally adjusted purchase index decreased 6% from one week earlier to its lowest level since February.

The refinance index increased 1% from the previous week and the refinance share of all mortgage activity increased to 54.7% from 52.8%.

The adjustable-rate mortgage share of activity decreased to 5.5% of total applications from 5.7% the week prior, while the FHA share of total applications decreased to 12.6% from 13%.

The VA share increased to 12.2% from 11.7% the week prior and the USDA share of total applications remained unchanged at 0.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 3.82%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) stayed the same at 3.74%.

The average rate for the 30-year backed by the FHA decreased one basis point to 3.63%, while for 15-year fixed-rate mortgages, the average rate decreased four basis points to 3.02%.

The rate for 5/1 ARMs slightly increased to 2.94% from 2.93%.