Mortgage application activity decreased 4% from one week earlier as home purchase volume fell to its lowest point in six months, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending Aug. 12 found that the refinance index decreased 4%
The seasonally adjusted purchase index decreased 4% from one week earlier to the lowest level since February 2016, but remained 10% higher (on an unadjusted basis) than the same time last year.
The adjustable-rate mortgage share of applications decreased 1 basis point to 4.6%, while the Federal Housing Administration share decreased to 9.6% from 10%.
The VA share increased to 13.2% from 13% and the USDA share remained unchanged at 0.6%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.64% from 3.65%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.6% from 3.64%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.49% from 3.52%, while for 15-year fixed-rate mortgages, the average decreased to 2.9% from 2.93%.
The average contract interest rate for 5/1 ARMs increased 4 basis points to 2.85%.
