Mortgage applications rose by 2.4% on a seasonally adjusted basis for the week ending May 5, according to the Mortgage Bankers Association's weekly mortgage applications survey.
Mortgage applications edge down in MBA’s weekly survey
Fraud, defects in mortgage apps hit four-month high
On an unadjusted basis, the market composite index, which measures mortgage loan application volume, increased by 3% from the week prior. Week over week, the refinance index also increased by 3%.
The seasonally adjusted purchase index rose by 2%, hitting the highest level since October 2015; the unadjusted purchase index also went up 2% from the week prior and was 6% higher year over year; and the seasonally adjusted conventional purchase index rose 2% from the week before, hitting its highest level since April 2009.
Refi activity went up to 41.9% of total mortgage applications from 41.6% the previous week; the adjustable-rate mortgage (ARM) share of total mortgage activity fell to 8.2% of total applications.
FHA applications increased to 10.5% of total applications from the prior week’s 10.4%; VA applications and USDA applications stayed the same from the week before at 10.8% and 0.8%, respectively.
Click here for the complete MBA Weekly Mortgage Applications Survey results.