NEW YORK - Mortgage applications decreased 5.0% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 20. The results include an adjustment to account for the Martin Luther King holiday.
The refinance index decreased 5.2% and the seasonally adjusted purchase index decreased 5.4%.
The four week moving average for the seasonally adjusted market index is up 4.12%. The four week moving average is up 0.47% for the seasonally adjusted purchase index, while this average is up 4.85% for the refinance index.
The refinance share of mortgage activity decreased to 81.3% of total applications from 82.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.3% from 5.6% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.11% from 4.06%, while the average contract interest rate for 15-year fixed-rate mortgages increased to 3.40% from 3.33%.