The number of mortgage applications filed in the U.S. last week slipped 1% from the prior week, the Mortgage Bankers Association said Wednesday, as some interest rates bounced up from the previous week's record-setting lows.
Refinance activity edged up 0.8%, according to the MBA's weekly survey, which covers more than three-quarters of all U.S. retail residential mortgage applications. Purchasing dropped by a seasonally adjusted 3.3% during the week ended Friday.
Low interest rates have attracted many homeowners to refinancing deals, though still-oversupplied housing markets, tougher lending requirements and stubborn unemployment in some areas have damped demand for new purchases.
The four-week moving average for all mortgage applications is down 0.5%. The refinance index is up 0.2% for the same period, while the purchase index is down 3.9%.
The share of applications filed to refinance an existing mortgage rose to 81.1% of total applications from 80.5% the previous week.
Adjustable-rate mortgages made up 5.4% of activity last week, from 6% a week earlier.
The average rate on 30-year fixed-rate mortgages with conforming loan balances rose to 4.08% from 4.05%, while rates on similar mortgages with jumbo loan balances increased to 4.3% from 4.29%. The average rate on FHA-backed 30-year fixed-rate mortgages slipped to 3.87% from 3.89%.
The average for 15-year fixed-rate mortgages remained unchanged at 3.33%, while the 5/1 ARM average increased to 2.93% from 2.91%.
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