The latest Mortgage Bankers Association Weekly Mortgage Applications Survey has seen mortgage application volume rise 1.4 percent on a seasonally adjusted basis over the week to August 15. The Refinance Index rose 3 percent from the previous week, while the seasonally adjusted Purchase Index was down 0.4 percent from the week prior.
“Interest rates dropped last week as a result of the ongoing turmoil in Ukraine and other international concerns, which in turn pushed mortgage rates lower,” said Mike Fratantoni, MBA’s chief economist.
Fratantoni said the lower rates saw overall volume for conventional mortgage applications rise, but that this was coupled with a 5.9 percent decline in the number of applications for government mortgages.
"Within the government sector, this decline was led by an 8 percent decline in unadjusted Department of Veterans Affairs applications, while Federal Housing Administration and Rural Housing Service unadjusted applications also fell by 5 percent and 3 percent respectively.”
The refinance share of mortgage activity increased to 55 percnet from 54 percent the previous week, while the adjustable-rate mortgage share of activity increased to 7.8 percent of total applications.
Are you seeing more refi activity than usual? More business all around? Let us know in the comments below.
Mortgage applications were up 1.4 percent last week, and refinances are rising -- but are you seeing that boost where the rubber meets the road?