After decreasing 4.3% the previous week, mortgage application volume decreased 4.8% on an adjusted basis during the week ended Feb. 26, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The previous week’s results included an adjustment for the President’s Day holiday.
Applications for refinances decreased 7%, while applications for purchases decreased 1%.
On an unadjusted basis, application volume increased 7% compared with the previous week. Applications for purchases increased 14% on an unadjusted basis compared with the previous week and increased 27% compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 58.6% of total applications. It was 61.0% the previous week.
After ticking up slightly the previous week, mortgage rates fell back down again. The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.83%, down from 3.85%. The average rate for a 30-year jumbo FRM was 3.75%, down from 3.80%.
All rates are based on closings.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.67%, down from 3.72%.
The average rate for a 15-year FRM was 3.13%, up slightly from 3.12%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.02%, down from 3.07%.
The ARM share of activity decreased to 5.6% of total applications.
The FHA share of total applications remained unchanged from 12.0%. The Veterans Affairs share of total applications was 12.1%, down from 13.0% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.