The MBA’s Market Composite Index, which measures loan application volume, was up 2.4% on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index increased 3%. The Refinance Index rose 4% from the previous week, and the seasonally adjusted Purchase Index was up 0.3%. On an unadjusted basis, the Purchase Index increased 1% from the previous week, but was still 15% lower than a year ago.
The refinance share of mortgage activity hit its highest level since March, rising to 54.4% of all applications. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances was unchanged from the week prior at 4.33%. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.21% -- its lowest level since May of 2013 – from 4.23%.
The average rate for Federal Housing Administration-backed 30-year FRMs fell to 4.03% from the previous week’s 4.04%. The rate for 15-year FRMs was up, rising to 3.47% from the previous week’s average of 3.41%.
The average rate for 5/1 ARMs rose to 3.21% from the previous week’s 3.17%.
Mortgage applications were up 2.4% last week, according to data released by the Mortgage Bankers Association, while refinances hit their highest level since March.