Mortgage application volume declined by 1.2% on a seasonally adjusted basis for the week ended March 2, as the market share of refinance apps hit their lowest point since December, according to the Mortgage Bankers Association. Data for the previous week was adjusted for Presidents Day.
The Refinance Index fell by 2% from the previous week, and the market share of refi applications declined to 77% from 77.9%. The seasonally adjusted Purchase Index increased by 2.1% from the previous week, but on an unadjusted basis is down 7.8% from the same week last year.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased by one basis point to 4.06% when it is compared to the previous week. The average contract interest rate for 30-year Federal Housing Administration-insured loans went up one basis point to 3.87%.
The rate for 30-year FRMs with jumbo loan balances fell by a basis point to 4.33%. The average contract interest rate for 15-year FRMs was unchanged at 3.36%.
