Home loan application volume was down 15.8 percent last week compared to the prior week, according to the Mortgage Bankers Association.
The MBA’s weekly mortgage application survey market composite index hit 514.4, down from 611 the week before. The index was off 0.3 percent from the same week a year ago.
Refinance loan applications made up 54.1 percent of all applications, down from 59.4 percent the previous week. The average interest rate on a 30-year mortgage was 5.5 percent during the week, compared to 5.57 percent a week earlier.
