The MBA’s Market Composite Index, which measures loan application volume, was up 1.9% on a seasonally adjusted basis last week. On an unadjusted basis, the index was down 19% from the week prior. The Refinance Index was up 0.4% from the previous week, and the seasonally adjusted Purchase Index was up 4%. On an unadjusted basis, the Purchase Index fell 17% from the week prior and was 10% lower than the same week last year.
The refinance share of mortgage activity dropped to 52% last week from the previous week’s 53%. The adjustable-rate mortgage share continued to hold steady at 8% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.32% last week from the previous week’s 4.28%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.24% from 4.26%.
The average rate for Federal Housing Administration-backed 30-year FRMs increased to 4.02% from the previous week’s 3.99%. The average rate for 15-year FRMs was down, dropping to 3.4% from the previous week’s 3.42%.
The average rate for 5/1 ARMs rose to 3.24% from the prior week’s average of 3.21%.
Mortgage applications were up last week, according to data from the Mortgage Bankers Association. The data included an adjustment for the July 4 holiday.