New mortgage activity tumbled a quarter this week as rates rose and refinances retreated. It was the third week in a row that business was down.
The Mortech-Mortgage Daily Mortgage Market Index for the week ended Wednesday fell to 188 from the week ended Nov. 24, when it was 250. It was the third consecutive week that volume fell.
Dragging down activity were refinance transactions — with the refinance share falling to half from 54 percent last week. The most recent share included a 36 percent rate-term share and a 14 percent cashout share.
The average U.S. loan amount declined to $204,978 from $208,274. Hawaii’s $273,512 average was highest, and North Dakota’s $93,686 was lowest.
The average 30-year conventional fixed-rate mortgage rose to 4.514 percent from 4.478 percent seven days earlier. The jumbo 30-year inched up a basis point to 5.330 percent and the conventional 15-year climbed to 3.860 percent from 3.820 percent.
