The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, was up 1% on the week ending Dec. 6 from the previous week on a seasonally adjusted basis. On an unadjusted basis, the index increased 43% from the previous week, according to MBA.
The seasonally adjusted purchase index was up 1% from the prior week and 3% from the week before Thanksgiving. On an unadjusted basis, the purchase index was up 37% from the previous week and 10% lower than the same time last year, according to MBA.
Refinances were also up. The refi share of mortgage activity was at 65% last week, up from the previous week’s 63%. The adjustable-rate mortgage share of activity was 8.1% of total applications last week, its highest level since 2008.
Interest rates continued to rise last week. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances was 4.61%, the highest since September. The average rate for 30-year FRMs with jumbo loan balances was 4.59%, also its highest level since September.
The average interest rate for 5/1 ARMs rose to 3.11% from the previous week’s 3.09%.
Mortgage applications were up last week for the first time in six weeks, according to data.