Applications up, refis hit highest share since March

by MPA06 Aug 2014
Mortgage applications were up last week, while refinances hit their highest share since March, according to data released today.

The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, rose 1.6% on a seasonally adjusted basis from the previous week. The index was up 1% on an unadjusted basis, according to the MBA. The Refinance Index jumped 4% from the previous week, while the seasonally adjusted Purchase Index dropped 1%. On an unadjusted basis, the Purchase Index fell 2% from the previous week.

The refinance share of mortgage activity rose to 55% of total applications last week, from the previous week’s 53%. The adjustable-rate mortgage share held steady at 8%.

Rates, meanwhile, were up. The average rate for 30-year fixed-rate mortgages with conforming loan balances rose to 4.35% last week from the prior week’s 4.33%. The average rate for 30-year FRMs with jumbo loan balances rose to 4.26% from the previous week’s 4.22%.

The average rate for Federal Housing Administration-backed 30-year FRMs rose to 4.06% from the previous week’s 4.03%. the rate for 15-year FRMs rose to 3.51% from the previous week’s 3.47%.

The average rate for 5/1 ARMs crept up to 3.32% from the previous week’s 3.31%.


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