The Mortgage Bankers Association reported that its total Mortgage Applications Index fell 3.1% w/w (+62.6% y/y) during the week ending August 30, following a 6.2% decline in the previous week. Applications to refinance a loan slumped 7.0% w/w (+151.8% y/y), about the same as during the prior week. Purchase applications rebounded 3.6% w/w (+4.8% y/y) after a 4.0% fall.

The effective interest rate on a 15-year fixed-rate mortgage eased to 3.37% from 3.40% in the prior week. It remained below the recent high of 4.71% reached in early November 2018. The effective rate on a 30-year fixed-rate loan fell to 3.97% from 4.05% and remained well below the November high of 5.33%. The effective rate on a 30-year Jumbo mortgage increased slightly to 4.01 %. It remained below the October peak of 5.09%. The rate on an adjustable 5-year mortgage eased to 3.50% from 3.57%.

The average mortgage loan size fell to $335,300 from $339,500 in the previous week. For purchases, the average loan size slipped to $321,100 from $326,600. The average loan size for refinancings fell to $344,600 from $347,300.

Applications for fixed-rate loans rose 63.4% y/y, while adjustable rate loan applications gained 50.9% y/y.

The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.