The MBA’s Market Composite Index, which measures loan application volume, was up 8.4% on a seasonally adjusted basis last week from the week before. On an unadjusted basis, the index rose 11% last week. The Refinance Index was up 10%, and the seasonally adjusted Purchase Index was up 9%. On an unadjusted basis, the Purchase Index rose 12% last week from the previous week.
The prior week’s results did not include an adjustment to account for the Presidents’ Day holiday, according to the MBA. The seasonally adjusted Purchase Index was 6% higher last week than it was two weeks prior, but still 19% lower than the same time a year ago. Although the Refinance Index rose last week, it was still 3% lower than it was two weeks prior.
The refinance share of mortgage activity was down last week, falling to 57.7% of total applications from 58% the week before and hitting its lowest level since early September. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances was down, decreasing to 4.47% from 4.53%. The average rate for 30-year FRMs with jumbo loan balances also fell, dropping to 4.37% from 4.47%.
The average rate for the 15-year FRM dropped to 3.52% from 3.56%. Rates for the 5/1 ARM also dropped, falling to 3.09% from 3.17%.
Mortgage applications were up last week as interest rates fell, according to data released by the Mortgage Bankers Association.