The MBA’s Market Composite Index, which measures loan application volume, increased 0.9% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index dropped 0.1%. The refinance index increased 1% from the week prior, and the seasonally adjusted purchase index increased 1%. On an unadjusted basis, the purchase index was down 1% from the previous week and up 7% from the same week a year ago.
The refinance share of mortgage activity increased to 64% of total applications from 63.5% the previous week, according to the MBA. The adjustable-rate mortgage share dropped to 4.3% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.68% from 3.67% the week prior. The average rate for 30-year FRMs with jumbo loan balances rose to 3.66% from the previous week’s average of 3.63%.
The average rate for 5/1 ARMs dropped to 2.87% from the prior week’s 2.90%.
Mortgage applications crept up slightly last week despite an upward nudge in interest rates, according to data from the Mortgage Bankers Association.