“The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 11.7% in the group’s seasonally adjusted composite index, following a drop of 3% for the previous week. Rates for all types of loans rose by more than 10 basis points during the week.
The seasonally adjusted purchase index decreased by 3% from the most recent report. On an unadjusted basis, the composite index dropped by 12% week-over-week. The unadjusted purchase index decreased by 4% for the week, and is up about 12% year-over-year.
The MBA’s refinance index fell 16% week-over-week to its lowest level since July 2011.
The share of refinancings fell from 67% to 64%, its lowest level since May 2011. Adjustable rate mortgage loans account for 8% of all applications, up from 7% last week….”