The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning. It noted a decrease of 3.3% in the group's seasonally adjusted composite index, following a rise of 4.3% for the previous week. Mortgage loan rates on all types of loans rose during the week.
The seasonally adjusted purchase index decreased by 3% from the prior week's report. On an unadjusted basis, the composite index decreased by 3% week-over-week. The unadjusted purchase index dropped 2% for the week and remains 18% lower year-over-year.
Adjustable rate mortgage loans account for 9% of all applications, an increase of one point.
The MBA's refinance index decreased by 1%, after rising by 1% in the previous week. The share of refinancings fell to 51% from 52% of all applications.
ALSO READ: Cities Where Americans Don't Feel Safe
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.47% to 4.49%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.39% to 4.41%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.54% to 3.55%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.15% to 3.16%. Rates on a 30-year FHA-backed fixed rate loan fell to 4.14% from 4.20%.
The MBA also noted that the average loan size for purchase applications has reached its highest level ever at $280,500. This rise coincides with the current trend for purchasing homes that are once again rising in price.
ALSO READ: The Most Expensive House in Detroit