U.S. Mortgage Application Volume Decreased

The average number of mortgage applications for the week ended Friday fell 4.1% from the week earlier, according to the Mortgage Bankers Association weekly survey.

The seasonally adjusted purchase index was down 0.3% from the previous week. The unadjusted purchase index rose 2% from the previous week and was down 16% from the year-earlier period, the MBA said.

The refinance share of mortgage activity fell to 56% of total applications from 57% the previous week. The adjustable-rate mortgage share of activity rose to 8% of total applications.

The average rate on 30-year, fixed-rate mortgages with conforming loans--with balances up to $417,000--rose to 4.39%.

Rates on 30-year, fixed-rate mortgages with jumbo-loan balances--higher than $417,000--rose to 4.3%.

The average rate for 30-year, fixed-rate mortgages backed by the Federal Housing Administration rose to 4.08% from 4.03% the prior week.

The average rate for 15-year, fixed-rate mortgages was unchanged at 3.56%. The 5/1 ARM average rose to 3.2% from 3.19% the week before.