U.S. Mortgage Applications Decline 1%: MBA

U.S. mortgage applications decreased by one percent in the week ending Feb. 10, compared to the previous week, according to the Mortgage Bankers Association.

Mortgages for new purchases were down a seasonally adjusted 8.4 percent from the previous week. Refinances were up 0.8 percent from the previous week to the highest level since Aug. 8, 2011. Refinances made up 81.1 percent of total applications, up from 80.5 percent in the previous week.

The average interest rate for 30-year fixed-rate mortgages of $417,500 or less was up to 4.08 percent from 4.05 percent in the previous week. Thirty-year fixed-rate mortgages over $417,500 had an average interest rate of 4.30 percent, up from 4.29 percent in the previous week.

The average interest rate for 15-year fixed-rate mortgages was unchanged at 3.33 percent.

The average mortgage loan in January 2012 was $226,000, up from $225,000 in December 2011 and $207,000 in January 2010. The average refinance application was $228,000, while the average home purchase application size was $217,000 in January.

The survey covers over 75 percent of all U.S. mortgages.