However, in its most recent examination, applications had jumped 6.2 percent week-over-week.
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Mortgage applications declined for the week despite declining rates, the Mortgage Bankers Association (MBA) reported Wednesday.
Applications for refinances decreased 5% while applications for purchases decreased 1%.
Overall, the refinance share of mortgage activity came in at 58.7% of total applications, slightly up from 58.6% the previous week. The rate for a jumbo 30-year fixed-rate mortgage dropped from 4.05% to 3.99%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39% from 3.40%, while the average contract interest rate for 5/1 ARMs increased to 3.19% from 3.18%.
The 5/1 Adjustable Rate Mortgage interest rates are coming out at 3.200% at Suntrust and the April is 3.0908% on initial purchase.
A definitive rise in mortgage interest rates over the last month is keeping borrowers at bay. The average loan size for purchase applications reached a survey high of $303,600 according to the MBA. Shorter term 15 year FRMs at the bank start at 3.250% yielding an April of 3.507%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.90% to 3.87%.
For the week ended November 20, the average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.14%, down from 4.18% the previous week.
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All rates are based on closings.
