Mortgage Purchase Applications Fall, Refinancing Remains Unchanged

Purchase applications for home mortgages fell a seasonally adjusted 3 percent in the August 10 week, posting the fifth consecutive weekly decline in a row and taking the unadjusted purchase index to a level 3 percent lower than in the same week a year ago. Applications for refinancing remained unchanged from the previous week, with the refinance share of mortgage activity increasing by 1 percentage point to 37.6 percent. The average interest rate on 30-year fixed rate conforming mortgages ($453,100 or less) fell 3 basis points from the previous week to 4.81 percent.