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