Mortgage applications declined last week, despite having a favorable comparison to the previous week, which had only four business days, according to the Mortgage Bankers Association.
The volume of all mortgage loan applications fell 2.6% on a seasonally adjusted basis, for the week ending Jan. 29, compared to the
The previous week's results were adjusted for having one less day, due to the Martin Luther King Jr. holiday.
As a share of overall mortgage activity, refinance rose to 59.2% from 59%. The FHA share rose to 12.9% from 12.7%. The VA mortgage share was unchanged at 11.1%. The adjustable-rate share fell to 5.9%. The USDA share was unchanged at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell 5 basis points to 3.97%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances fell 5 basis points to 3.84%. FHA fixed-rate 30-year mortgages fell 3 basis points to 3.8%.
