Mortgage applications decreased 5.1 percent from one week earlier, according to data from Weekly Mortgage Applications Survey (Mortgage Bankers Association)
The Refinance Index dropped 5% compared to the previous week but was still 51% higher than the same week one year ago
- The refinance share of mortgage activity fell once again to 69.3%. Last week it was 70.2%.
The Purchase Index, on a seasonally adjusted basis, decreased 6% from one week earlier but the unadjusted index was up 15% from the same week one year ago.
- The average purchase loan size hit another high at $412,200
The average contract interest rate increased to 2.98% from 2.96%, with points increasing to 0.43 from 0.36.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement, “Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, and last week climbed to its highest level since November 2020,”