WASHINGTON Mortgage applications in the week that ended Aug. 18 decreased 5.8% on a seasonally adjusted basis in the week that ended August 18 from the previous week, the Mortgage Bankers Association reported.
On an unadjusted basis, the application index decreased 7.3%.
The trade groups purchase index, which measures housing demand, experienced a week-to-week dropped of 6.31%, to 294.4, and its refinance index dropped 5.13%, to 383.6. The conventional-loan application index fell 10.26%, to 375.2, and the government-loan application index rose 7.51%, to 194.5.
Refinancings were represented 17.7% of total loan applications, a 50-basis-point decline. Adjustable-rate mortgage applications dropped 1.60 percentage basis points, to 15.3% of total applications.
The average interest rate for 30-year fixed-rate mortgages was 8.04%, an 18-basis-point increase. The average rate for a one-year adjustable mortgage rose 8 basis points, to 7.56%.