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The Mortgage Bankers Association said its
seasonally adjusted index of mortgage application activity,
which includes both refinancing and home purchase demand, fell
1.5 percent in the week ended May 15.
The MBA's seasonally adjusted index of refinancing applications
rose 0.3 percent, while the gauge of loan requests for home
purchases, a leading indicator of home sales, fell 3.7 percent
to the lowest level since April.
The refinance share of total mortgage activity rose to 52
percent of applications from 51 percent the week before.
Fixed 30-year mortgage rates averaged 4.04 percent in the week,
the highest level since December 2014. They were up 4 basis
points from 4.00 percent the previous week.
"Mortgage rates increased last week, and Treasury rates
increased to a recent high at mid week before falling at the end
of the week. Overall purchase activity fell for the week, along
with conventional refinance volume, but government refinance
volume increased," said Mike Fratantoni, MBA's chief economist.
"The level of purchase applications remained 11 percent higher
than the same week last year, but the drop this week may
indicate borrowers being wary of the recent run-up in mortgage
rates."
The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.
(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)
((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
Reuters Messaging: caroline.valetkevitch.thomsonreuters.com@reuters.net)
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