- theMReport.com - https://themreport.com -

After a Fall, Mortgage Apps Surge Again

Mortgage application volumes had seen a decline as mortgage rates rose steadily averaging 4.4 percent last week. But as rates steadied, application volumes increased with the weekly Mortgage Application Survey indicating a rise of 2.7 percent in mortgage applications during the week.

The weekly survey, which is based on the Market Composite Index and is released by MBA, measures the mortgage loan application volume. The purchase index increased 6 percent from a week earlier on a seasonally adjusted basis and was 3 percent higher than the same week a year ago, the survey said.

The refinance index decreased 1 percent from the previous week and the share of refinance activity decreased to 41.8 percent of total applications from 44.4 percent in the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.7 percent of total activities during the week.

For government loans, the survey indicated that FHA share of total applications increased 10.3 percent from 9.9 percent in the prior week, while the VA share of total applications increased to 10.7 percent from 10 percent last week. The USDA share of total applications remained unchanged at 0.8 percent.

Other highlights from the survey are as follows: