The MBA’s Market Composite Index, which measures mortgage application volume, rose 4.3% on a seasonally adjusted basis last week. On an unadjusted basis, the index was up 5% from the week before. The Refinance Index rose 7%, and the seasonally adjusted Purchase Index was up 1%. On an unadjusted basis, the Purchase Index was up 2% from the week prior.
The refinance share of mortgage activity was also up last week, with refis accounting for 52% of total loan applications. That’s up from 51% the previous week. The adjustable-rate mortgage share held steady at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.47% last week from 4.56% the week before. The average rate for 30-year FRMs with jumbo loan balances dropped from 4.49% to 4.39%.
The average rate for 15-year FRMs fell to 3.54% from the previous week’s 3.62%.
The average rate for the 5/1 ARM dropped to 3.15% last week from the previous week’s average of 3/26%.
Mortgage applications were up last week from the week prior, according to data released by the Mortgage Bankers Association.