IMGCAP(1)]
The Mortgage Bankers Association's Composite Index was 658.7 for the week ending May 29, a decrease of 16.2% on a seasonally adjusted basis from 786 one week earlier.
On an unadjusted basis, the index, which is a measure of mortgage loan application volume, decreased 32.5% compared with the previous week, and increased 14.4% compared with the same week one year earlier.
The Refinance Index decreased 24.1% to 2953.6 from 3890.4 the previous week. The index covers all mortgage applications to refinance an existing mortgage and includes conventional and government refinancing activity.
The seasonally adjusted Purchase Index increased 4.3% to 267.7 from 256.6 one week earlier. The Purchase Index includes all mortgage applications for the purchase of a single-family home.
The refinance share of mortgage activity decreased to 62.4% of total applications from 69.3% the previous week. The adjustable rate mortgage (ARM) share of activity increased to 3% from 2.6% of total applications from the previous week.
The average contract interest rate for 30-year fixed rate mortgages increased to 5.25% from 4.81%. The increase of 44 basis points was the largest since an increase of 48 basis points in October 2008, according to the report.
The average contract interest rate for 15-year fixed rate mortgages increased to 4.8% from 4.44%. The average contract interest rate for one-year ARMs increased to 6.61% from 6.55%.
