Last week, mortgage applications were down 8.5% after seasonal adjustment of the percentage. The result comes from the Market Composite Index that measures the volume of mortgage loan applications. This decrease is surprising, as during this time of the year usually there is a notable improvement, which remains to be seen.
Refinancing of mortgages is also seeing a decrease. It is down to 58% of all applications, which is the lowest level since September 2013.
At the same time, mortgage rates are on the rise. The contract interest rate for 30-year mortgages below $417,000 went up to 4.53%. For such mortgages above $417,000 it rose to 4.47%. As for the 15-year fixed-rate mortgages, the rate increased to 3.56%.