… The Refinance Index increased 4 percent from the previous
week and was 82 percent lower than the same week one year ago. The seasonally adjusted Purchase
Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent
compared with the previous week and was 19 percent lower than the same week one year ago.

“Mortgage rates remained volatile last week – after drops in the previous two weeks, mortgage rates
ended up rising four basis points. Mortgage applications were relatively flat, with a decline in purchase
activity offset by an increase in refinance applications,” said Joel Kan, MBA’s Associate Vice President of
Economic and Industry Forecasting. “The purchase market continues to experience a slowdown, despite
the strong job market. Activity has now fallen in five of the last six weeks, as buyers remain on the
sidelines due to still-challenging affordability conditions and doubts about the strength of the economy.”

Added Kan, “Refinance applications increased over three percent but remained more than 80 percent
lower than a year ago in this higher rate environment.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($647,200 or less) increased to 5.47 percent from 5.43 percent, with points increasing to 0.80 from 0.65
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added