The Market Composite Index, which measures mortgage application volume, increased 2.6% on a seasonally adjusted basis from the week prior. On an unadjusted basis, the index was up 45% from the previous week.
Meanwhile, the Refinance Index increased 5% from the previous week, after falling 9% the week prior. The seasonally adjusted Purchase Index decreased 1% from the previous week. On an unadjusted basis, the Purchase Index increased 42% from the previous week but remained 20% lower than the same week a year prior, according to the MBA.
The refinance share of mortgage activity held steady at 63% of total applications. The adjustable-rate mortgage share of activity was also unchanged from the previous week, holding at 8%.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances held steady at 4.72%. The average rate for 30-year FRMs with jumbo balances was also unchanged at 4.66%.
Meanwhile, the average rate for 30-year FRMs backed by the Federal Housing Administration rose to 4.36% from the prior week’s 4.35%, and the average rate for 15-year FRMs rose to 3.77% from the previous week’s 3.73%.
Average rates for 5/1 ARMs increased to 3.33% from the prior week’s 3.31%, according to the MBA.
Mortgage applications were up last week, according to data released Wednesday by the Mortgage Bankers Association.