NEW YORK - Mortgage applications decreased 4.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Feb. 17.
The refinance index decreased 4.8%, the purchase index increased 1.4%.
The four-week moving average for the seasonally adjusted market index fell 0.30%. The four-week moving average slid 3.21% for the seasonally adjusted purchase index, while this average rose 0.33% for the refinance index.
The refinance share of mortgage activity decreased to 80.1% of total applications from 81.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.3% from 5.4% 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 4.09% from 4.08%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.38% from 3.33%.