For the week ending August 4, total mortgage activity decreased 3.1% on a weekly basis, and the average 30-year, fixed-rate mortgage (FRM) rate rose 16 basis points to 7.09%. Purchasing activity decreased 2.7% during the same week, while refinancing activity fell 4% week-over-week, revealing a weaker desire among current homeowners to sell or refinance their existing homes.
The seasonally adjusted purchase index was down 27% year-over-year, while the seasonally adjusted refinancing index was down 37.2% from one year ago, the National Association of Home Builders' Eye on Housing reports.
The refinance share of mortgage activity fell from 28.9% to 28.7% over the week, while the adjustable-rate mortgage (ARM) share of activity rose to 6.9% from 6.5%. The average loan size for purchases was $416,400 in the first week of August, down from $425,200 over the month of July. The average loan size for refinancing decreased from $257,300 over the month of July to $256,800 in the first week of August. The average loan size for an ARM was up at the start of August to $827,500 while the average loan size for a FRM fell to $336,600.
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