The seasonally adjusted purchase index increased by 1% from the most recent report. On an unadjusted basis, the composite index rose by 22% week-over-week. The unadjusted purchase index increased by 26% for the week, and is up about 5% year-over-year.
The MBA’s refinance index fell by 1%, after sliding 4% in the previous week.
The share of refinancings fell to 63%, remaining at its lowest level in more than two years. Adjustable rate mortgage loans account for 7% of all applications, flat with the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.68%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.86% to 4.81%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.76% to 3.3.70%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.40% to 3.39%.
Refinancings continue to slide, but the slight decline in mortgage loan rates is good news for buyers — and sellers. As more inventory comes on the market, home price increases will slow or reverse, making home purchases more affordable as well.
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