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Despite a rise in the total number of mortgage applications and a continued decrease in interest rates for 30-year mortgages, home purchase applications fell to their lowest levels since December 2000 last week.
In its weekly mortgage applications survey, the Mortgage Bankers Association reported that purchase applications fell 11.7 percent on a seasonally adjusted basis. Unadjusted, applications fell 13.7 percent from the previous week, and 21.6 percent from the same week in 2008.
Overall, mortgage loan application volume increased 3.2 on a seasonally adjusted basis and 2.8 percent on an unadjusted basis. Last week, the index rose 8.2 percent.
The interest rates on 30-year fixed-rate mortgages fell for the third straight week, dropping from 4.97 percent to 4.90 percent. Last week, rates fell below the psychological tipping point of five percent for the first time in three weeks.
Interest rates on 15-year fixed-rate mortgages remained unchanged at 4.33 percent, while rates on one-year adjustable-rate mortgages rose to 6.85 percent from 6.83 percent.
Although the MBA's purchase index decreased, its refinance index increased 11.3 percent from the previous week, when it rose 14.5 percent.
Refinance shares of mortgage activity increased, rising to 71.5 percent of total applications - its highest level since May - after finishing at 66.1 percent the week before. The ARM share of activity decreased to 5.5 percent of applications from 6.1 percent the previous week.
The four week moving average for the seasonally adjusted market index fell, decreasing 4.5 percent. The same average for the seasonally adjusted purchase index is down 6.6 percent, and also down 3.4 percent for the refinance index.
This news comes days after several Fed officials commented in various speeches that though the housing market appears to be in the early stages of a recovery with home prices rising in certain areas, the hobbled market will contribute to a slow economic recovery.
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