WASHINGTON (4/10/14)--While home purchases edged higher for the fourth straight week, overall mortgage application activity dropped last week, with a tumble in refinance applications leading the way, according to the Mortgage Bankers Association's mortgage applications survey, released Wednesday.
Falling 4.9%, refinance activity now sits at a five-and-a-half-year low (
On the four-week moving average for refinances, activity sunk by 9% over the past month, and sits 67% lower than levels a year ago. Refinance applications now make up 51% of all applications and 43% of prospective loan volume.
Purchase applications have jumped 6.9% over the last four weeks, though they still come in 15.6% under levels at this time last year.
- Contract rates for 30-year fixed-rate conforming mortgages stood unchanged at 4.56%;
- Contract rates for 30-year fixed-rate jumbo mortgages climbed by 3 basis points to 4.49%; and
- Five-year adjustable-rate mortgage rates increased 1 basis point higher to 3.26%, which is 68 points higher than the prior year's numbers.