Home loan application volume fell 7.8 percent last week as interest rates rose, the Mortgage Bankers Association reported today.

The seasonally adjusted decline from the week before was led by an 8.7 percent decrease in the index that tracks refinancings, followed by a 6.9 percent decrease in purchase loans. As a result, the refi share of applications dipped from 48.7 percent two weeks ago to 48.2 percent last week, while the adjustable-rate mortgage (ARM) share increased from 8.3 percent to 10 percent.

Interest rates across all loan types were higher last week, MBA reported, as average rates on 30-year fixed-rate mortgages rose from 5.82 percent to 5.9 percent; rates on 15-year fixed loans gained from 5.38 percent to 5.42 percent; and rates on one-year ARMs climbed from 6.6 percent to 6.71 percent.

The points (loan fees expressed as a percent of the loan amount) that borrowers paid to attain these rates were mostly higher last week. Points on 15-year loans gained from 1.09 to 1.14 and increased from 1.31 to 1.35 on one-year ARMs while dipping from 1.23 to 1.12 on 30-year loans.

The Mortgage Bankers Association survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×