Mortgage demand was down for the second week as total demand fell 1.2%, according to the Mortgage Bankers Association…(MBA)
- PURCHASE demand was down 1% for the week and is now down 21% when compared to the same time last year.
- REFI demand was down 3% for the week and is now down 83% when compared to the same time last year.
NOTE: The refinance share of mortgage activity decreased to 31.1% and the adjustable-rate mortgage (ARM) share of activity decreased to 6.5% of total applications.
Rates moving back up. Mortgages rates continued to climb for the week ending August 19th as the 30-year fixed jumped 20 basis points to 5.65% and is now up 262 basis points from the same time one year ago.
- The 15-year fixed was also up for the week with a 14 basis point increase to 5.01% and the 5/1 ARM saw a big 38 basis point jump to 4.81%.
FYI: ARM activity is now down 58% from the high of 10.8% on May 6th.