Mortgage applications fell 3.1% from one week earlier, according to the weekly survey from the Mortgage Bankers Association (MBA)
- REFI: The Refinance Index fell 5% from the previous week and was down 27% when compared to the same time last year.
- PURCHASE: The Purchase Index actually increased 0.3% from one week earlier, but the unadjusted index was down 24% when compared to the same time last year.
The refinance share of mortgage activity decreased to 60.4%of total applications which is down from last week and off the highs for 76% back in April of 2020.
Mortgage demand continues to fall despite rates following as well…
- 30-YR FIXED: The average contract interest rate fell 2 basis points to 3.15%, with points decreasing to 0.34 from the previous week.
- 15-YR FIXED: The average contract interest rate fell 4 basis points to 2.52%, with points decreasing to 0.29 from the previous week.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, pointed out that the average loan size has fallen from the highs seen earlier this year. “The average loan size on a purchase application edged down to $407,000, below the record $418,000 set in February, but still far above 2020’s average of $353,900.”
