Rising interest rates last week took a bite out of overall mortgage application volume, although that didn’t stop folks from refinancing, the Mortgage Bankers Association reported today.

The market composite index, which measures total home loan volume, sank 0.6 percent, falling to 667.2 last week on a seasonally adjusted basis from 671.1 one week earlier.

Loans to purchase homes reported a decrease in activity, as the seasonally adjusted purchase index declined 7 percent last week from the week before. The refinance index, however, jumped 6.3 percent from the week before, boosting the refi share of total applications to 49.9 percent.

The adjustable-rate mortgage (ARM) share also gained during the period, rising to 21.2 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.19 percent from 6.13 percent, with points including the origination fee increasing to 0.98 from 0.94 for 80 percent loan-to-value-ratio loans. Points, which are fees charged by lenders for loan processing, are expressed as a percent of the total loan amount.

The average rate for 15-year fixed-rate mortgages increased to 5.92 percent from 5.85 percent, with points increasing to 0.99 from 0.98 for 80 percent loan-to-value-ratio loans.

Average rates for one-year ARMs increased to 5.85 percent from 5.79 percent, with points decreasing to 0.81 from 0.83.

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.

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.
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