Mortgage applications slipped 4.7% in the week ended March 8, as refinances dropped 5% and purchases slid 3%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
"The announcement of stronger than anticipated job growth last week led to an increase in interest rates, with the 30 year fixed mortgage rate in our survey reaching the highest level in more than six months," said Mike Fratantoni, MBA's Vice President of Research and Economics. "Refinance applications declined as a result, but remain high given the steady flow of HARP applications."
Refinances dipped to 76% of volume from 77% the week before, while adjustable-rate mortgages grew to 5% of the market. HARPs accounted for 30% of refinance applications, up from 28% a week earlier.
The average 30-year fixed-rate mortgage with conforming loan balances ($417,500 or less) rose to a 3.81% rate, the highest rate since August, from 3.70%, while the average 15-year fixed-rate mortgage jumped to 3.01% from 2.96%.
