Industry data released on Wednesday showed that mortgage application volume decreased 18.1 percent last week, as refinance activity dropped 21.9 percent.
The Mortgage Bankers Association revealed that its market index of mortgage application volume decreased 18.1 percent on a seasonally adjusted basis for the week of April 24th. The Market Composite Index was 960.6 compared to 1172.2 in the previous week.
On an unadjusted basis, the index dropped 17.4 percent, and it was up 62.7 percent on a year-over-year basis.
The Refinance Index decreased 21.9 percent from the previous week. For the week of April 24th, the index ticked down to 5108.2 from 6540.7 in the previous week. The percentage of mortgage activity taking place through refinancing was slightly lower, at 75.3 percent versus 79.7 percent in the previous week.
The conventional and government purchase indices saw mixed results, with the conventional purchase index slipping 1.4 percent and the government purchase index, largely made up of FHA loans, ticking higher 0.8 percent.
The adjustable rate mortgage share of activity edged up slightly to 2.1 percent of total applications from 1.4 percent in the previous week.
Interest rates were mixed across the board, with 30-year fixed-rate mortgages decreasing to 4.62 percent from 4.73 percent last week. The rates for 15-year fixed-rate dropped slightly to 4.45 percent from 4.46 percent last week. One-year ARMs increased to 6.23 percent from 6.19 percent last week.
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