The MBA’s Market Composite Index, which measures loan application volume, was up 10.3% on a seasonally adjusted basis from the week prior. The index was up 22% on an unadjusted basis. The Refinance Index increased 11% from the previous week, and the seasonally adjusted Purchase Index was up 9% from the week prior. On an unadjusted basis, the Purchase Index rose 9%.
The refinance share of mortgage activity crept up from 53% to 54% last week. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.34% last week from the previous week’s average of 4.26%. The average rate for 30-year FRMs with jumbo loan balances rose to 4.27% from the previous week’s 4.22%.
The average rate for 5/1 ARMs increased to 3.18% last week from the prior week’s average of 3.11%.
Mortgage application volume spiked last week, according to data released by the Mortgage Bankers Association.