The Refinance Index decreased 7% from the week prior, reaching its lowest levels since January 2016. The seasonally adjusted Purchase Index decreased 1% from the previous week.
The refinance share of mortgage activity decreased to its lowest level since January 2016, 58.6% of total applications, from 61.0% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications, according to the MBA.
The FHA share of total applications remained unchanged from 12.0 percent the week prior. The VA share of total applications decreased to 12.1 percent from 13.0 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.
The average 30-year fixed-rate loan with conforming loan balances went down 3.83% from 3.85%.
The 15-year mortgage rate average was 3.13%, up slightly from 3.12% the previous week.
FHA loans’ average for 30-year fixed-rate went down to 3.67% from 3.72% last week.
The average contract interest rate for 5/1 ARMs decreased to 3.02 percent from 3.07 percent.