Rising rates, largely tied to the stock market turmoil, took their toll on mortgage application volume during the past week.
The MBA's Weekly Mortgage Applications Survey for the week ending February 9 found that the refinance index decreased 2% from the previous week. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier, while the unadjusted index fell by 3 percent, although the latter was 4 percent higher than the same week one year ago.
The refinance application share increased to 46.5% from 46.4% the previous week.
On an unadjusted basis, total volume decreased 2% compared with the previous week.
The share of applications for Veterans Affairs-guaranteed loans remained unchanged at 10.1% percent from the week prior and the U.S. Department of Agriculture/Rural Development share increased to 0.8% from 0.7% the week prior. The index for the week ended February 9 was down 4.1 percent on a seasonally adjusted basis compared to the previous week and declined 2 percent on a non-adjusted basis as the seasonally adjusted index measuring those purchase mortgage applications lost 6 percent compared to the week ended February 2. The National Quicken Loans Home Price Perception Index showed appraisers valued homes an average of 0.6 percent lower than what owners estimated, even though the national level of appraisal values were up 0.46 percent from December to January; year-over-year home value growth was 7.03 percent last month.