Total mortgage application volume decreased 1.6% during the week ended May 13, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 1% from the previous week, while applications for purchases decreased 6%.
On an unadjusted basis, total application volume decreased 2%. Applications for purchases decreased 6%, on an unadjusted basis, and increased 12% compared with the same week one year ago.
The refinance share of mortgage activity increased to 54.7% of total applications from 52.8% the previous week.
Mortgage rates were more or less flat for the week. The average rate for a 30-year, fixed-rate mortgage (FRM) remained unchanged at 3.82%. The average rate for a 30-year jumbo FRM also remained unchanged at 3.74%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.63%, down from 3.64%.
The average rate for a 15-year FRM was 3.02%, down from 3.06%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.94%, up from 2.93%.
The ARM share of activity decreased to 5.5% of total applications.
Looking at application volume by loan type, applications for loans backed by the FHA were 12.6% of all applications – down from 13.0% the week prior. The Veterans Affairs share of total applications was 12.2%, up from 11.7%. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.