The share of adjustable-rate mortgages hits its highest level since 2014
Mortgage applications rose 3.3% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association's weekly mortgage applications survey.
On an unadjusted basis, the market composite index increased by 16% compared with the previous week; the refinance index rose 5% from last week – hitting its highest level since December – and the seasonally adjusted purchase index rose by 2% from a week ago.
Refi activity increased to 45.4% of total mortgage applications from 45.1% a week ago; adjustable-rate mortgage rose to 7.7% of total applications – the highest since October 2014 – and the average loan size for purchase applications was $313,300.
Meanwhile, FHA applications declined to 11.8% from last week’s 12.3%; VA applications also declined, with 11.6% this week from last week’s 11.7%; and USDA applications stayed the same at 0.9% – the same as last week.
Related stories:
Mortgage applications up
Purchase applications highest since June
On an unadjusted basis, the market composite index increased by 16% compared with the previous week; the refinance index rose 5% from last week – hitting its highest level since December – and the seasonally adjusted purchase index rose by 2% from a week ago.
Refi activity increased to 45.4% of total mortgage applications from 45.1% a week ago; adjustable-rate mortgage rose to 7.7% of total applications – the highest since October 2014 – and the average loan size for purchase applications was $313,300.
Meanwhile, FHA applications declined to 11.8% from last week’s 12.3%; VA applications also declined, with 11.6% this week from last week’s 11.7%; and USDA applications stayed the same at 0.9% – the same as last week.
Related stories:
Mortgage applications up
Purchase applications highest since June
