The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for last week showed a 1.6 percent week-over-week increase in the Market Composite Index, a measure of mortgage loan application volume.
The Refinance Index was up 2 percent week over week.
Other findings:
- Refinance activity comprised 49 percent of total applications, up from 48.5 percent the previous week.
- Adjustable-rate mortgages comprised 7 percent of total applications, which is the highest level since December 2014.
- The FHA share of total applications comprised 13.9 percent, down from 14.2 percent the previous week.
- The VA share of total applications comprised 10.9 percent, down from 11.5 percent the previous week.
- The USDA share of total applications comprised 0.9 percent, unchanged from the previous week.
- The average 30-year fixed-rate mortgage interest rate decreased to 4.19 percent from 4.22 percent.
- The average FHA 30-year fixed-rate mortgage interest rate decreased to 3.96 percent from 4 percent.
- The average 15-year fixed-rate mortgage interest rate decreased to 3.38 percent from 3.43 percent.
- The average interest rate for 5/1 ARMs decreased to 3.04 percent from 3.15 percent.
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