Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 9th, total mortgage activity declined 1.2% and the average 30-year fixed-rate mortgage (FRM) rate rose seven basis points to 6.01%. The FRM rate has increased 56 bps over the past month reaching a 14-year high.
The Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 0.2% while refinancing fell 4.0%.
Purchase application volume is down 28.7% over the past 12 months, the largest year-over-year decline since April 2020. Similarly, refinance activity index has plummeted 83.0% over the past year and has declined each of the past five weeks.
The refinance share of mortgage activity declined from 30.7% to 30.2% over the week. Conversely, the adjustable-rate mortgage (ARM) share of activity increased to 9.1% of total applications, down from 7.4% one month prior.