After increasing slightly last week, mortgage application volume fell 4.1% on an adjusted basis during the week ended May 12, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances fell 6%, while applications for purchases decreased 3%.
On an unadjusted basis, total volume decreased 4% compared with the previous week. Applications for purchases decreased 3% on an unadjusted basis but increased 9% compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 41.1% of total applications – the lowest level since September 2008.
The adjustable-rate mortgage share of activity decreased to 8.1% of total applications.
The average loan size for purchase applications reached a survey high of $322,300.
The average contract interest rate for a 30-year, fixed-rate mortgage remained unchanged at 4.23%.