The Mortgage Bankers Association’s Market Composite Index – which measures loan application volume – was up 11.9% on a seasonally adjusted basis last week from the week prior. The index increased 61% on an unadjusted basis from the week prior. The Refinance Index was up 11% from the previous week, and the Purchase Index increased 12% on a seasonally adjusted basis from the week prior. The unadjusted Purchase Index was up 66% from the week prior but down 10% from the same week a year ago, according to MBA.
The refinance share of total mortgage activity dropped a percentage point to 62% last week. That’s the lowest share since September, according to MBA. The adjustable-rate mortgage share held steady at 8% of total applications.
The average interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 4.66% last week from 4.72% the week prior. The average rate for 30-year FRMs with jumbo loan balances dropped to 4.58% from 4.66% the previous week.
Rates for Federal Housing Administration-backed 30-year FRMs dropped to 4.29% last week from the previous week’s average of 4.36%.
Adjustable-rate mortgages were also down. The average rate for the 5/1 ARM decreased to 3.238% last week from the previous week’s 3.33%, according to MBA.
Mortgage applications were up nearly 12% last week from the week prior, according to data released Wednesday.