“The 30-year fixed rate has increased 20 basis points over the past month and reached 3.23% last week – the highest since April 2021. The 15-year fixed rate increased to 2.54%, which is the highest since July,” said Joel Kan, associate vice president of economic and industry forecasting at the MBA.
The refinance shares of mortgage activity went down from 63.9% to 63.3% this week, while the adjustable-rate mortgage share decreased to 3.3% of total applications.
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Both the seasonally adjusted and unadjusted Purchase Index also declined 5% from the previous week.
“Purchase activity was 12% lower than a year ago, within the annual comparison range that it has been over the past six weeks,” Kan said. “Insufficient housing supply and elevated home-price growth continue to limit options for would-be buyers.”