Mortgage applications were down last week, with refinancings falling to 61% of all applications, according to the Mortgage Bankers Association.
The volume of all mortgage loan applications declined 4.3% on a seasonally adjusted basis for the week ending Feb. 19,
The refinance index decreased 8%, while the purchase index rose 2%. This week's results were adjusted to account for President's Day, the MBA noted.
As a share of the overall mortgage activity, refinance fell to 61% from 64.3%. The adjustable-rate share decreased to 5.8%.
The FHA share increased to 12%, the VA mortgage share increased to 13% and the USDA share rose to 0.7% from 0.6% from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.85%. The average contract interest rate for 30-year mortgages increased to 3.8%.
