Mortgage Purchase And Refinancing Applications Fall

Purchase applications for home mortgages fell a seasonally adjusted 2 percent in the January 18 week, pulling back slightly after soaring in the previous 2 weeks to the highest level since 2010. But unadjusted, purchase applications were up 13 percent from the level a year ago and close to a 9-year high. Applications for refinancing, which also surged dramatically previously, fell back 5 percent, yet still hovered near the highest level since last spring. The refinance share of mortgage activity decreased 2.3 percentage points to 44.5 percent. The average interest rate for 30-year fixed rate conforming mortgages ($484,350 or less) rose 1 basis point from the prior week to 4.75 percent.