WASHINGTON—Strong refinance activity helped drive a mortgage applications increase of 7.3% last week over the week before, according the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, increased 7.3% on a seasonally adjusted basis from one week earlier, the MBA stated in a release. On an unadjusted basis, the Index increased 52% compared with the previous week. The Refinance Index increased 13% from the previous week.
The refi share of mortgage activity increased to 64% of total applications from 60% the previous week. The adjustable-rate mortgage share of activity increased to 7.0% of total applications.
The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index increased 37% compared with the previous week and was 4% lower than the same week one year ago.
The average contract rate for 30-year fixed-rate mortgages increased to 4.11% from 4.08%, the report shows. Jumbo fixed-rate mortgage rates decreased to 4.07% from 4.11%.
The survey covers over 75% of all U.S. retail residential mortgage applications.
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