Inman News
Mortgage applications decreased last week, while mortgage rates also slipped, according to the latest survey from the Mortgage Bankers Association trade group.The market composite index, a measure of mortgage application volume, fell 3.6 percent on a seasonally adjusted basis from a week earlier. The index that tracks refinance loans decreased 1.4 percent, and the purchase index decreased 5 percent, according to MBA.The refinance share of mortgage activity increased to 38.5 percent of total applications from 37.7 percent the previous week, while the adjustable-rate mortgage share of activity remained unchanged at 21 percent of total applications from the previous week.Interest rates held down borrowing costs, with the average contract interest rate on 30-year fixed-rate mortgages decreasing to 6.59 percent from 6.61 percent, and the average contract interest rate on 15-year fixed-rate mortgages falling to 6.34 percent from 6.29 percent the previous week.
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