Mortgage applications up

by MPA09 Jan 2014
Mortgage applications were up last week, according to data released Wednesday by the Mortgage Bankers Association.

The Market Composite Index, which measures mortgage application volume, increased 2.6% on a seasonally adjusted basis from the week prior. On an unadjusted basis, the index was up 45% from the previous week.

Meanwhile, the Refinance Index increased 5% from the previous week, after falling 9% the week prior. The seasonally adjusted Purchase Index decreased 1% from the previous week. On an unadjusted basis, the Purchase Index increased 42% from the previous week but remained 20% lower than the same week a year prior, according to the MBA.

The refinance share of mortgage activity held steady at 63% of total applications. The adjustable-rate mortgage share of activity was also unchanged from the previous week, holding at 8%.

The average interest rate for 30-year fixed-rate mortgages with conforming loan balances held steady at 4.72%. The average rate for 30-year FRMs with jumbo balances was also unchanged at 4.66%.

Meanwhile, the average rate for 30-year FRMs backed by the Federal Housing Administration rose to 4.36% from the prior week’s 4.35%, and the average rate for 15-year FRMs rose to 3.77% from the previous week’s 3.73%.

Average rates for 5/1 ARMs increased to 3.33% from the prior week’s 3.31%, according to the MBA.
 

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