Refi activity accounted for more than half of applications – its highest level since September
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Mortgage applications rose 4.7% last week, latest data from the Mortgage Bankers Association (MBA) revealed. On an unadjusted basis, the figure stood at 47%.
The rise marks a bounce back from the slowdown brought by the Thanksgiving holiday, according to Joel Kan, MBA associate vice president of industry surveys and forecasts.
A strong job market drove a 2% rise in purchasing activity, while the association’s refinance index rose 9% from the previous week.
Refinancing accounted for more than half (51.6%) of mortgage applications, marking its highest level since September. On the other hand, the adjustable-rate mortgage (ARM) share of activity decreased to its lowest level since January, at 5.7% of total applications.
Meanwhile, the FHA share of total applications increased to 11.1% from 10.8% the week prior. The VA share of total applications decreased to 10.7% from 11.0% the week prior, and the USDA share of total applications remained unchanged from the week prior at 0.8%.
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The rise marks a bounce back from the slowdown brought by the Thanksgiving holiday, according to Joel Kan, MBA associate vice president of industry surveys and forecasts.
A strong job market drove a 2% rise in purchasing activity, while the association’s refinance index rose 9% from the previous week.
Refinancing accounted for more than half (51.6%) of mortgage applications, marking its highest level since September. On the other hand, the adjustable-rate mortgage (ARM) share of activity decreased to its lowest level since January, at 5.7% of total applications.
Meanwhile, the FHA share of total applications increased to 11.1% from 10.8% the week prior. The VA share of total applications decreased to 10.7% from 11.0% the week prior, and the USDA share of total applications remained unchanged from the week prior at 0.8%.
Related stories:
September hurricanes drive increase in Q3 delinquencies
Mortgage execs see down payment, inventory as biggest hurdles to first-time homebuyers
